Cover bil EXOR sem ING 2010_Cover ifil IT 2005 21/09/10 14:01 Pagina 1
Half-year Financial Report 2010 Half-year Financial Report 2010 BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 1
Società per Azioni Capital stock Euro 246,229,850, fully paid-in Registered office in Turin – Corso Matteotti 26 – Turin Company Register No. 00470400011
The Half-year Financial Report 2010 has been prepared pursuant to art. 154-ter of Legislative Decree 58/1998 (Consolidated Act of Finance) introduced by Legislative Decree 195/2007 implementing Directive 2004/109/EC of the European Parliament and Council dated December 15, 2004.
The Half-year Financial Report includes the interim management report, the half-year condensed consolidated financial statements at June 30, 2010 and the attestation according to art. 154-bis, paragraph 5, of Legislative Decree 58/1998.
The Half-year Financial Report 2010 also includes the independent auditors' review report on the half-year condensed consolidated financial statements at June 30, 2010, and the list of EXOR Group companies at June 30, 2010 (pursuant to art. 126 of Consob Regulation 11971).
HALF-YEAR FINANCIAL REPORT 2010
Interim Management Report 3 Board of Directors, Committees, Board of Statutory Auditors and Independent Auditors 4 EXOR Group Profile 6 Net Asset Value 8 Significant Events in the First Half and Subsequent to the First Half 11 Interim Consolidated Financial Statements of the EXOR Group – Shortened 24 Business Outlook 26 Review of Performance by the Main Operating Subsidiaries and Associates
EXOR Group – Half-year Condensed Consolidated Financial Statements at June 30, 2010 40 Consolidated Income Statement 41 Consolidated Statement of Comprehensive Income 42 Consolidated Statement of Financial Position 43 Consolidated Statement of Changes in Equity 44 Consolidated Statement of Cash Flows 45 Notes
79 Attestation According to Art. 154-bis, Paragraph 5, of Legislative Decree 58/98
Independent Auditors' Review Report on the Half-year Condensed Consolidated 80 Financial Statements at June 30, 2010
83 List of EXOR Group Companies at June 30, 2010
Disclaimer This Report, and in particular the section entitled “Business Outlook”, contains forward looking statements. These statements are based on the group companies' current expectations and projections about future events and, by their nature, are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future, and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: volatility and deterioration of capital and financial markets, changes in commodity prices, changes in general economic conditions, economic growth and other changes in business conditions, changes in regulations (in each case, in Italy or abroad), and many other factors, most of which are outside of the group companies' control.
This is an English translation of the Italian original document “Relazione Finanziaria Semestrale 2010” approved by the EXOR S.p.A. board of directors on August 27, 2010 which has been prepared solely for the convenience of the reader. The version in Italian takes precedence and for complete information about EXOR S.p.A. and the Group, reference should be made to the original report in Italian.
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Board of Directors
Chairman John Elkann Honorary Chairman Gianluigi Gabetti Vice Chairman Pio Teodorani-Fabbri Vice Chairman Tiberto Brandolini d'Adda Chief Executive Officer Carlo Barel di Sant'Albano Non-independent Directors Andrea Agnelli Oddone Camerana Luca Ferrero Ventimiglia Franzo Grande Stevens Sergio Marchionne Alessandro Nasi Lupo Rattazzi Independent Directors Victor Bischoff Eugenio Colucci (Lead Independent Director) Christine Morin-Postel Giuseppe Recchi Antoine Schwartz
Secretary to the Board Virgilio Marrone
Internal Control Committee
Eugenio Colucci (Chairman), Victor Bischoff and Giuseppe Recchi
Compensation and Nominating Committee
Franzo Grande Stevens (Chairman), Victor Bischoff and Giuseppe Recchi
Strategy Committee
John Elkann (Chairman), Carlo Barel di Sant'Albano, Victor Bischoff, Gianluigi Gabetti, Sergio Marchionne, Christine Morin-Postel and Antoine Schwartz
Board of Statutory Auditors
Chairman Lionello Jona Celesia Standing auditors Giorgio Ferrino Paolo Piccatti
Alternate auditors Lucio Pasquini Ruggero Tabone
Independent Auditors Deloitte & Touche S.p.A.
Expiry of the terms of office The terms of office of the board of directors, the board of statutory auditors and the independent auditors will expire concurrently with the stockholders' meeting that will be held to approve the financial statements for the year ending December 31, 2011.
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EXOR GROUP PROFILE
EXOR is one of Europe’s leading investment companies and is controlled by Giovanni Agnelli e C. S.a.p.az. which holds 51.164% of capital stock and, in particular, 59.1% of ordinary capital stock, 39.24% of preferred capital stock and 12.36% of savings capital stock. Listed on the Italian Stock Exchange, EXOR has a Net Asset Value of approximately € 5.5 billion at June 30, 2010. It is headquartered in Turin, Italy, Corso Matteotti 26. EXOR is the majority stockholder of the Fiat Group. Balancing risks and expected returns, it invests for the medium- to long-term in various sectors, mainly in Europe, in the United States and in the two main emerging markets of China and India. EXOR’s objective is to increase its Net Asset Value and outperform the Morgan Stanley Capital World Index (MSCI).
The following are the main investments.
Fiat (30.45% of ordinary capital stock, 30.09% of preferred capital stock and 2.93% of savings capital stock) is listed on the Electronic Share Market of the Italian Stock Exchange (Blue Chip segment). Founded in 1899, the Fiat Group operates in the sectors of automobiles (Fiat, Lancia, Alfa Romeo, Abarth, Ferrari, Maserati and Fiat Veicoli Commerciali), agricultural and construction equipment (Case and New Holland), trucks and commercial vehicles, buses and special-purpose vehicles (Iveco, Irisbus, Astra and Magirus) and components and production systems (Fiat Powertrain Technologies, Magneti Marelli, Teksid and Comau); it is also active in publishing and communications (La Stampa and Publikompass). Other sectors also offer financial services to the sales networks and the clientele in addition to rental services to customers. In June 2009, the Fiat Group and Chrysler Group LLC form a strategic alliance. This represents an important step toward positioning both Fiat and Chrysler among the leaders of the new generation of global automakers. In April 2010, the Fiat Group presents the 2010-2014 Business Plan. The Plan is designed to ensure the Group opportunity for growth, in particular through the demerger of various activities from Fiat to create two distinct groups: one focused on the automobiles business and the other on the capital goods business.
SGS (15.00% of capital stock) is a Swiss company listed on the Virt-x market. Founded in 1878, the company is today the global leader in verification, inspection, control and certification activities with more than 59,000 employees and a network of more than 1,000 offices and laboratories throughout the world.
C&W Group (approximately 70.15% of capital stock) is the largest privately held company for real estate services. C&W Group has its headquarters in New York, where it was founded in 1917, and has 231 offices and about 13,000 employees in 58 countries.
Alpitour (100% of capital stock) is the largest integrated Italian tourism group. It operates with more than 3,500 employees and has 2.5 million customers across all areas of the tourism business: Tour Operating (Alpitour, Francorosso, Viaggidea, Villaggi Bravo, Volando, Karambola and Jeans), Hotels (Alpitour World Hotel & Resorts), Incoming (Jumbo Tours), Aviation (Neos), Distribution (Welcome Travel Group), Incentive & Eventi (A World of Events).
Juventus Football Club (60.00% of capital stock) is listed on the Electronic Share Market of the Italian Stock Exchange (Star Segment). Founded in 1897, it is one of the most prominent professional soccer teams in the world.
Sequana (28.24% of capital stock) is a diversified French paper group, listed on the NYSE Euronext market, with production and distribution activities operating through:
- Arjowiggins (100% holding), the world leader in the manufacture of high value-added paper products, on 4 continents with 6,300 employees and 27 production facilities;
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- Antalis (100% holding), the leading European group in the distribution of paper and packaging products, with over 6,900 employees in 51 countries.
Gruppo Banca Leonardo (9.71% of capital stock) is a privately held and independent international investment bank offering a complete range of services in investment banking, wealth management and other areas linked to financial markets.
Vision Investment Management, founded in 2000, is one of the most important hedge fund managers specialized in Asian markets. Five-year bonds issued by Perfect Vision are subscribed to in April 2008. The bonds give mandatory conversion into shares at maturity which will deliver a 40% stake in Vision Investment Management.
Banijay Holding (17.09% of capital stock with voting rights) is headquartered in Paris. The company is a new player in TV production through a network of companies specialized in the production and distribution of multimedia content.
Perella Weinberg Partners is an independent company offering financial advisory and asset management services in the United States and Europe.
Almacantar (54.98% of capital stock and voting rights) is a company operating in the real estate sector which aims to capitalize on commercial investment and development opportunities, mainly in the market for offices, in London and Paris.
The following chart is updated to the end of August 2010 and presents the major sectors of business in which the Group has investment holdings. Percentage holdings refer to ordinary capital stock.
Financial Services Fiat Group (a) 30.45% 39.77% (b) Real Estate Services
9.71% 70.15%
Real Estate Sector Automobiles
2.00% (c)
54.98%
Agricultural and Construction Equipment Business Services
15.00%
Trucks and Commercial Vehicles Paper
28.24%
60.00% Components and Production Systems
17.09%
100%
Tourism and Entertainment
(a) EXOR also holds 30.09% of Fiat preferred capital stock and 2.93% of Fiat savings capital stock. (b) Post-conversion of convertible bonds. (c) Percentage interest held in the NoCo A LP limited partnership.
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NET ASSET VALUE
EXOR’s Net Asset Value (NAV) at June 30, 2010 is € 5,520 million, decreasing € 217 million compared to € 5,737 million at December 31, 2009.
The composition and the change in NAV are the following.
Change € millions 03/01/09 12/31/09 06/30/10 vs 03/01/09 vs 12/31/09 Listed Investments 2,464 5,110 4,685 2,221 (425) Private Investments 750 785 859 109 74
Investment Value 3,214 5,895 5,544 2,330 (351)
Financial Liabilities (1,157) (1,131) (1,126) 31 5 Financial Assets 1,121 1,183 1,312 191 129
Net Financial Position (36) 52 186 222 134
Ordinary holding costs capitalized over 10 years (210) (210) (210) - -
Net Asset Value 2,968 5,737 5,520 2,552 (217)
The investment value at June 30, 2010 has been calculated by valuing the listed investments in Fiat, Sequana, Intesa Sanpaolo, SGS, Juventus Football Club and EXOR treasury stock at the stock trading prices and the unlisted private other investment holdings and other investments at fair value determined annually by independent experts (last update as of December 31, 2009).
NAV is presented with the aim of aiding analysts and investors in forming their own assessments.
The following pie chart shows the composition of the investment value at June 30, 2010 (€ 5,544 million). “Other” includes the unlisted investments in C&W Group, Gruppo Banca Leonardo, Alpitour, Banijay Holding, DLMD, Vision, Almacantar, NoCo A and NoCo B, the remaining investment in Intesa Sanpaolo and also sundry investments.
Investments denominated in Swiss francs and U.S. dollars are translated at the market trading rates of 1.3283 and 1.2271, respectively.
SGS 23.30%
Fiat 54.30%
Other 15.89%
Sequana 2.38% Treasury stock 2.38% Juventus 1.75%
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Change in NAV compared to MSCI World Index
220
200 EXOR NAV + 86.0%
180
160 MSCI World Index + 43.8% 140
120
100
80
/2009 3/1/2009 3/31/2009 4/30/2009 5/31/2009 6/30/2009 7/31/2009 8/31/2009 9/30/2009 10/31/2009 11/30 12/31/2009 1/31/2010 2/28/2010 3/31/2010 4/30/2010 5/31/2010 6/30/2010
Financial Communications and Investor Relations References for corporate services in charge of communication and investor relations are:
External Relations and Media Relations Tel. +39.011.5090320 Fax +39.011.5090386 [email protected]
Institutional Investors and Financial Analysts Relations Tel. +39.011.5090345 Fax +39.011.547660 [email protected]
The corporate website is at www.exor.com
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SIGNIFICANT EVENTS IN THE FIRST HALF AND SUBSEQUENT TO THE FIRST HALF
Sale of Intesa Sanpaolo stock On January 15, 2010, EXOR S.p.A. sold 30 million Intesa Sanpaolo ordinary shares (0.25% of ordinary capital stock) in the market for proceeds of € 90 million and a consolidated gain of € 0.6 million. EXOR still holds 10 million Intesa Sanpaolo ordinary shares (approximately 0.09% of ordinary capital stock).
Investment commitment in Almacantar On April 16, 2010, an agreement was reached which commits EXOR S.A. to invest € 100 million in Almacantar, a new company operating in the real estate sector. Founded by Mike Hussey and Neil Jones, two real estate professionals who between them have a strong and successful track record in the European real estate sector, Almacantar aims to capitalize on commercial real estate investment and commercial development opportunities, primarily in the market for offices, in London and Paris. Following the agreements sealed with EXOR S.A. and with the other stockholders, Almacantar will have € 150 million at its disposal to commence its investment strategy. The agreement also provides that EXOR S.A. will invest another € 50 million subject to raising additional capital from new stockholders. On April 28, 2010, EXOR S.A. subscribed to 10 million Almacantar Class A preferred shares (63.75% of the capital and voting rights) for a total par value of € 10 million, initially paying in 25%, the minimum established by law, for a sum of € 2.5 million.
On August 9, 2010, following a capital stock increase by Almacantar for € 2.5 million, directed to the entry of a new stockholder which fully subscribed to the capital increase, EXOR S.A.’s stake in the capital and voting rights of the company decreased from 63.75% to 54.98%.
Resolutions by the ordinary session of the stockholders' meeting The ordinary session of the EXOR S.p.A. stockholders' meeting held on April 29, 2010 approved the separate financial statements for the year 2009 and resolved to distribute dividends of € 0.27 for each ordinary share, € 0.3217 for each preferred share and € 0.3481 for each savings share for a maximum total of € 67.9 million. The dividends became payable on May 27, 2010.
The stockholders' meeting also resolved to renew the authorization for the purchase and disposal of treasury stock for 18 months up to a maximum of 38 million ordinary and/or preferred and/or savings shares for a maximum disbursement of € 450 million.
Appointments Following the resignation of Mr Antonio Maria Marocco, in its meeting held on May 11, 2010 the EXOR S.p.A. board of directors passed the following resolutions:
- to co-opt, pursuant to art. 2386, first paragraph of the Italian Civil Code, Mr Sergio Marchionne, also appointing him a member of the Strategy Committee; - to appoint Mr Victor Bischoff a member of the Internal Control Committee; - to appoint Mr Eugenio Colucci the lead independent director.
Page 3 of this report presents the new composition of EXOR S.p.A.'s board of directors and committees.
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Buyback of treasury stock Under the treasury stock buyback Programs approved by the board of directors on March 25, 2009 (completed during the first quarter of 2010) and on May 11, 2010 (providing for a maximum disbursement of € 50 million), between January 1, and August 19, 2010, EXOR purchased 969,500 ordinary shares (0.6% of the class) at an average cost per share of € 13.02 for a total of € 12.6 million, 2,638,484 preferred shares (3.44% of the class) at an average cost per share of € 9.27 for a total of € 24.5 million, and also 158,695 savings shares (1.73% of the class) at an average cost per share of € 10.89 for a total of € 1.7 million. The total investments in treasury stock amounted to € 38.8 million.
EXOR S.p.A. currently holds the following treasury stock:
Number % of Carrying amount Class of stock of shares class Per share (€) Total (€ ml) ordinary 3,519,500 2.20 11.99 42.2 preferred 9,603,784 12.51 11.00 105.7 savings 367,095 4.00 9.40 3.4 151.3
Note 12 under “Interim Consolidated Financial Statements of the EXOR Group - Shortened” shows the treasury stock purchases made in the first half of 2010.
Subscription to Banijay Holding capital stock increase On May 28, 2010, EXOR S.A. subscribed to 17,171 new Banijay Holding shares for an equivalent amount of € 1.7 million. Following this transaction, EXOR S.A. holds 351,590 Banijay Holding shares equal to 17.09% of capital stock and 17.17% of voting rights. This investment is part of the total commitment of € 42.5 million (of which € 35.3 million has already been paid) undertaken in May 2008.
Investment commitments with the Jardine Matheson Group and Rothschild On June 9, 2010, EXOR S.A. signed an agreement in which it agreed to commit up to $100 million to a partnership with the Jardine Matheson Group and Rothschild in private equity investments in India and China. As a result of this agreement with these two highly experienced and successful international groups, EXOR will be strongly placed to capture both medium- and long-term investment opportunities in regions with high growth potential across a wide range of sectors. The partnership, which has $250 million of initial investment capital at its disposal, already has a dedicated investment team in India and will establish a team in China in the next few months. It intends to invest alongside entrepreneurs, corporations and other private equity houses in the midcap segment. The three partners will work together to define the partnership's investment and development strategy and identify opportunities, making each investment decision on a unanimous basis.
Other investments As a result of commitments to invest in the NoCo B L.P. limited partnership, which groups a series of funds managed by Perella Weinberg Partners L.P., during the first half of 2010 EXOR S.A. invested $9.9 million (€ 7.2 million) in the NoCo B L.P. limited partnership. At June 30, 2010, the investment commitment in NoCo B and in the Perella Weinberg Real Estate I fund amounted, respectively, to $45.6 million (€ 37.2 million) and € 22 million.
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Renewal of the Sequana stockholders’ agreement between EXOR S.A. and DLMD and the DLMD loan restructuring agreement On July 21, 2010, EXOR S.A. and DLMD, a family investment company controlled by Pascal Lebard (general manager of Sequana), have today renewed the stockholders’ agreement signed in 2007 regarding their investment in Sequana. The pact is for a period of one year and is renewable for successive one-year periods unless terminated.
The pact aims to ensure the coordination of Sequana’s stockholders along the lines of the governance model that had been adopted in 2007. According to the pact, the Sequana board of directors will be composed of ten members. Of these, three will be put forward by EXOR – including the Chairman of the board, Tiberto Brandolini d’Adda – and two will be proposed by DLMD, including the general manager, Pascal Lebard. The remaining five independent directors will be proposed by common agreement between the parties.
At the same time, the debt assumed by DLMD in July 2007, when DLMD acquired the stake in Sequana, has been restructured on the basis of an agreement reached with the lenders (The Royal Bank of Scotland, BNP Paribas and EXOR S.A.).
At DLMD’s request, the restructuring agreement provides for the total extinguishment of the debt payable to EXOR S.A. against the transfer to EXOR S.A. of 790,190 Sequana shares owned by DLMD (equal to 1.59% of capital). Following the close of this transaction on July 30, 2010, EXOR S.A. and DLMD hold, respectively, 28.24% and 20.22% of Sequana’s capital.
Proceedings relative to the contents of the press releases issued by IFIL and Giovanni Agnelli e C. on August 24, 2005 With regard to the penal proceedings before the Turin Court relative to the contents of the press releases issued by IFIL and Giovanni Agnelli e C. on August 24, 2005, having concluded the discussion, the Court judged that it was absolutely necessary to obtain opinions which require specific technical expertise on matters regarding the financial markets which are considered highly complex and appointed three experts who have been charged with this specific assignment. The next hearing is scheduled for October 29, 2010.
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INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF THE EXOR GROUP – SHORTENED
Through the subsidiary EXOR S.A., EXOR S.p.A. holds some important investments and controls some companies which contribute to the Group's investment activities and financial resource management of the Group. These companies constitute, together with Exor Services (a services company), the so-called Holdings System (the complete list of these companies is presented below).
In order to facilitate the analysis of the financial position and the results of operations of the Group, EXOR presents shortened consolidated financial statements (statement of financial position and income statement) prepared by applying the “shortened” consolidation criteria. Such shortened consolidated financial statements are presented along with the annual consolidated financial statements and the half-year condensed consolidated financial statements of each year. The consolidated data is also presented in the shortened format in the quarterly reports at March 31 and September 30 of each year.
In the preparation of the shortened consolidated statement of financial position and income statement, the financial statements or accounting data drawn up in accordance with IFRS by EXOR S.p.A. and by the subsidiaries in the “Holdings System” are consolidated line-by-line; the investments in the operating subsidiaries and associates (Fiat, Sequana, C&W Group, Alpitour and Juventus Football Club) are accounted for by the equity method on the basis of their consolidated financial statements or separate financial statements (in the case of Juventus Football Club) or accounting data prepared in accordance with IFRS. At June 30, 2010, the investment in Almacantar (acquired on April 28, 2010) is stated at cost since the company is not yet fully operational.
The following table shows the consolidation and valuation methods of the investment holdings.
% of consolidation 6/30/2010 12/31/2009 6/30/2009 Subsidiaries of the Holdings System consolidated line-by-line (a) - Exor S.A. (Luxembourg) 100 100 100 - Exor Capital Limited (Ireland) 100 100 100 - Exor Services S.c.p.a. (Italy) 99.62 99.75 100 - Exor Inc. (USA) 100 100 100 - Ancom USA Inc. (USA) 100 100 100
Investments in operating subsidiaries and associates, accounted for by the equity method - Fiat Group 29.59 29.59 29.40 - Sequana Group 26.79 26.84 26.94 -C&W Group 78.40 (b) 78.88 (b) 74.27 - Alpitour Group 100 100 100 - Juventus Football Club S.p.A. 60 60 60
(a) The list does not include companies in a wind-up and/or wound-up during 2009 and 2010. (b) The percentage is calculated on issued capital stock, net of treasury stock held and net of the estimate of treasury stock purchases from non-controlling interests to be made by C&W Group.
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Operating and financial highlights at June 30, 2010
The EXOR Group closed the first half of 2010 with a consolidated profit of € 25.1 million; the first half of 2009 ended with a consolidated loss of € 261.9 million. The positive change amounts to € 287 million and is due to the improvement in the results of the investment holdings (+€ 239.4 million), the increase in net financial income (+€ 43.7 million) and other net changes (+€ 3.9 million).
At June 30, 2010, the consolidated equity attributable to owners of the Parent is € 5,830.6 million, with a net increase of € 525.2 million compared to € 5,305.4 million at the end of 2009. Additional details are provided in Note 12.
The consolidated net financial position of the Holdings System at June 30, 2010 is a positive € 186.3 million. This is an increase of € 134.7 million compared to the end of 2009 (+€ 51.6 million). Additional details are provided in Note 13.
The shortened interim consolidated income statement and statement of financial position and notes on the most significant line items are presented below.
EXOR GROUP – Interim Consolidated Income Statement - Shortened
Year Half I 2009 € in millions Note 2010 2009 Change Share of the profit (loss) of investments (319.1) accounted for by the equity method 1 (28.1) (267.5) 239.4 Net financial income (expenses): 40.5 - Dividends from investments 2 50.0 40.5 9.5 (15.4) - Gains (Losses) on disposals of investments 0.6 (a) (17.5) (b) 18.1 - Fair value adjustments to current and (36.4) non-current financial assets 3 (12.3) 17.1 (29.4) 71.8 - Interest and other financial income 4 87.4 29.9 57.5 (78.5) - Interest and other financial expenses 5 (48.8) (36.8) (12.0) (18.0) Net financial income (expenses) 76.9 33.2 43.7 (28.8) Net general expenses 6 (12.4) (14.3) 1.9 Non-recurring other income (expenses) and general (12.9) expenses 7 (2.7) (4.6) 1.9 (4.0) Other taxes and duties (1.2) (2.6) 1.4 (382.8) Profit (Loss) before income taxes 32.5 (255.8) 288.3 (6.1) Income taxes (7.4) (6.1) (1.3) (388.9) Profit (Loss) attributable to owners of the Parent 25.1 (261.9) 287.0
(a) Sale of a 0.25% stake in Intesa Sanpaolo ordinary capital stock. Additional details are provided in Note 9. (b) Sale of a 0.32% stake in Intesa Sanpaolo ordinary capital stock.
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EXOR GROUP – Interim Consolidated Statement of Financial Position - Shortened
€ in millions Note 6/30/2010 12/31/2009 Change Non-current assets Investments accounted for by the equity method 8 4,070.8 3,810.1 260.7 Other financial assets: - Investments measured at fair value 9 1,436.1 1,332.4 103.7 - Other investments 10 333.9 200.8 133.1 - Other financial assets 0.3 0.4 (0.1) Other property, plant and equipment and intangible assets 11.8 11.6 0.2 Total Non-current assets 5,852.9 5,355.3 497.6 Current assets Financial assets and cash and cash equivalents 13 1,119.9 1,095.2 24.7 Tax receivables and other receivables 47.5 46.5 1.0 Total Current assets 1,167.4 1,141.7 25.7 Total Assets 7,020.3 6,497.0 523.3 Capital issued and reserves attributable to owners of the Parent 12 5,830.6 5,305.4 525.2 Non-current liabilities Bonds and other debt 13 1,058.0 1,102.1 (44.1) Provisions for employee benefits 4.2 4.0 0.2 Deferred tax liabilities and other liabilities 1.4 1.7 (0.3) Total Non-current liabilities 1,063.6 1,107.8 (44.2) Current liabilities Bank debt and other financial liabilities 13 105.1 60.9 44.2 Other liabilities 21.0 22.9 (1.9) Total Current liabilities 126.1 83.8 42.3 Total Equity and Liabilities 7,020.3 6,497.0 523.3
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1. Share of the profit (loss) of investments accounted for by the equity method In the first half of 2010, the share of the profit (loss) of investments accounted for by the equity method is a loss of € 28.1 million; in the first half of 2009, this line item showed a loss of € 267.5 million. The positive change of € 239.4 million reflects the improvement in the results of the investment holdings and, in particular, that of the Fiat Group.
Profit (Loss) (in millions) EXOR's share (€ in millions) Half I Half I 2010 2009 2010 2009 Change
Fiat Group € 65.3 € (578.0) 19.3 (169.9) 189.2 Consolidation adjustments 2.9 2.9 0.0 Total Fiat Group 22.2 (167.0) 189.2
Sequana Group € 5.6 €(20.9) 1.5 (5.6) 7.1
C&W Group $ (24.6) $ (83.8) (14.5) (46.6) 32.1 Consolidation adjustments 0.0 (9.5) 9.5 Total C&W Group (14.5) (56.1) 41.6
Alpitour Group € (25.7) €(34.0) (25.7) (34.0) 8.3
Juventus Football Club S.p.A. € (19.3) €(8.0) (11.6) (4.8) (6.8)
Total (28.1) (267.5) 239.4
Comments on the operating performance by the main operating subsidiaries and associates are presented in the following sections of the report. As for C&W Group, the Alpitour Group and Juventus Football Club, the results for the period are affected by the high degree of seasonal factors typical of their respective business segments.
2. Dividends from investments In the first half of 2010, dividends from investments amount to € 50 million and include dividends collected from SGS for € 49.1 million (€ 38.4 million in the first half of 2009), Intesa Sanpaolo for € 0.8 million and Emittenti Titoli for € 0.1 million (unchanged compared to the first half of 2009). The first half of 2009 also included dividends collected from Gruppo Banca Leonardo for € 2 million.
3. Fair value adjustments to current and non-current financial assets In the first half of 2010, fair value adjustments are negative for € 12.3 million (positive for € 17.1 million in the first half of 2009). They include the net writedowns of € 13.9 million to equity shares and bonds held for trading (in the first half of 2009, the net adjustment was positive for € 27.9 million), as well as the net reversal on the remaining receivables due from DLMD (+€ 1.6 million) as a result of the bond restructuring described in Note 10; in the first half of 2009, the writedown of that asset amounted to € 10.8 million. The fair value of current securities is calculated at June 30, 2010 market prices and translated, if appropriate, at period-end exchange rates.
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4. Interest and other financial income In the first half of 2010, interest and other financial income amounts to € 87.4 million (€ 29.9 million in the first half of 2009) and includes:
€ in millions Half I 2010 Half I 2009 Change Financial income on securities held for trading 49.6 12.4 37.2 Interest income on: - bonds 14.6 11.6 3.0 - receivables from banks 1.0 3.0 (2.0) - receivables from the tax authorities 0.5 0.7 (0.2) - C&W Group loan 1.5 0.4 1.1 Exchange gains 19.7 1.1 18.6 Income from interest rate hedge 0.4 0.7 (0.3) Other income 0.1 0.0 0.1 Total 87.4 29.9 57.5
5. Interest and other financial expenses In the first half of 2010, interest and other financial expenses amount to € 48.8 million (€ 36.8 million in the first half of 2009) and include:
€ in millions Half I 2010 Half I 2009 Change EXOR bond interest expenses 21.7 24.5 (2.8) Financial expenses on securities held for trading 9.0 5.6 3.4 Exchange losses 11.2 1.5 9.7 Expenses from interest rate hedges 5.4 2.5 2.9 Bank interest and other financial expenses 1.5 2.7 (1.2) Total 48.8 36.8 12.0
6. Net general expenses In the first half of 2010, net general expenses amount to € 12.4 million; the net decrease compared to the balance of € 14.3 million in the same period of the prior year (-€ 1.9 million) is due to the reduction in costs (-€ 0.6 million, of which € 0.3 million refers to personnel costs), the increase in cost recoveries from subsidiaries (-€ 1.7 million) and compensation to directors (+€ 0.4 million).
Net general expenses include the figurative cost of the EXOR stock option plan for € 0.9 million (unchanged compared to the first half of 2009).
7. Non-recurring other income (expenses) and general expenses In the first half of 2010, this line item is a negative € 2.7 million and includes the expenses incurred for assistance in the proceedings relating to the content of the press releases issued by IFIL and Giovanni Agnelli e C. on August 24, 2005 for € 1.2 million, expenses connected with investment project evaluations for € 0.8 million and also other legal and sundry expenses for € 0.7 million. In the first half of 2009, this line item was a negative € 4.6 million and included the extraordinary indemnity relative to the termination of the employment relationship resolved in favor of the former chief executive officer and general manager of IFI S.p.A., Virgilio Marrone, for € 3.3 million and expenses relating to headcount reductions for € 1.3 million.
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8. Investments accounted for by the equity method Details are as follows:
Carrying amount € in millions 6/30/2010 12/31/2009 Change Fiat Group 3,306.5 3,057.0 249.5 C&W Group 450.5 405.0 45.5 Sequana Group 205.3 198.0 7.3 Juventus Football Club S.p.A. 57.7 69.5 (11.8) Alpitour Group 50.8 80.6 (29.8) Total 4,070.8 3,810.1 260.7
9. Other non-current financial assets – Investments measured at fair value Details are as follows:
6/30/2010 12/31/2009 € in millions % Carrying amount % Carrying amount Change SGS S.A. (a) 15.00 1,291.5 15.00 1,068.5 223.0 Gruppo Banca Leonardo S.p.A. 9.71 57.4 9.74 84.7 (27.3) Banijay Holding S.A.S. 17.09 35.3 17.08 33.6 1.7 Intesa Sanpaolo S.p.A. (a) 0.09 21.7 0.34 126.6 (104.9) NoCo A LP 2.00 (b) 20.2 1.96 (b) 19.0 1.2 Almacantar (c) 63.75 10.0 - 0.0 10.0 Total 1,436.1 1,332.4 103.7
(a) Based on the stock market price at period-end with recognition of unrealized gains and losses in equity. (b) Percentage interest in the limited partnership. (c) Recorded at cost which approximates fair value.
The increase in the investment in SGS of € 223 million is due to the adjustment to fair value at June 30, 2010. The stock market price per share of SGS stock at June 30, 2010 is CHF 1,462, corresponding to € 1,100.7 at the exchange rate of 1.3283. The original carrying amount of the investment in SGS is € 400.31 (CHF 593.9) per share for a total of € 469.7 million; at June 30, 2010, the net positive adjustment to fair value (CHF 930.27 equal to € 700.35 per share) amounts in total to € 821.8 million.
The decrease of € 27.3 million in the investment in Gruppo Banca Leonardo is due to EXOR S.A.’s share of the reserves reimbursed by the holding.
At June 30, 2010, the € 104.9 million reduction in the investment in Intesa Sanpaolo is the result of the derecognition of the carrying amount (-€ 95 million) of the stake sold (0.25% of ordinary capital stock) and the adjustment of the remaining investment to fair value at the end of the period (-€ 9.9 million). The derecognition of the carrying amount of the stake sold (-€ 95 million) includes the ordinary purchase cost of € 89.4 million and the cumulative positive fair value change of € 5.6 million. The gain of € 0.6 million comes from the comparison between the net proceeds of € 90 million and the original purchase cost of € 89.4 million. The derecognition of the cumulative positive fair value change of € 5.6 million was recorded as a deduction from the specific reserve in consolidated equity. The stock market per share price of Intesa Sanpaolo ordinary shares at June 30, 2010 was € 2.174.
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The original purchase cost of the residual investment in Intesa Sanpaolo is € 2.98 per share for a total of € 29.8 million; at June 30, 2010, the net negative adjustment to fair value amount to € 8.1 million.
The investment in Almacantar was acquired during the first half of 2010. The carrying amount of € 10 million corresponds to the capital increase subscribed to, of which the minimum by law was paid in (25%, or € 2.5 million). The remaining amount due (€ 7.5 million) is recorded in financial payables.
10. Other non-current financial assets – Other investments Details are as follows:
€ in millions 6/30/2010 12/31/2009 Change Other investments at fair value -NoCo B LP 39.2 25.9 13.3 - DLMD bonds 8.8 6.3 2.5 - RHO real estate fund shares 9.7 10.0 (0.3) - Other 3.6 4.2 (0.6) 61.3 46.4 14.9 Other investments at amortized cost - Perfect Vision Limited convertible bonds 81.0 67.5 13.5 - Other bonds held to maturity 191.6 86.9 104.7 272.6 154.4 118.2
Total 333.9 200.8 133.1
At June 30, 2010, EXOR S.A. holds bonds issued by DLMD for a nominal amount of € 27.2 million, of which € 12.3 million represents Senior bonds and € 14.9 million Junior bonds. At December 31, 2008, an impairment charge had been recognized for the entire nominal amount of the Junior bonds. At December 31, 2009, further impairment charges had been recognized for a total of € 9.2 million, of which € 2.3 million related to accrued interest income capitalized on the Junior portion and € 6.9 million to the Senior portion, which was written down for an amount up to the market value at December 31, 2009 of the guarantee obtained. At June 30, 2010, the impairment charges recorded, relative to capitalized interest income, amount to € 0.7 million. The Senior portion that was not written down, equal to € 6.3 million, was guaranteed by EXOR S.A.'s portion of the 10,806,343 Sequana shares pledged by contract to guarantee DLMD's entire bond issue and measured at the stock market price at December 31, 2009.
Following the agreement reached on July 21, 2010 between DLMD and EXOR S.A. for the definitive restructuring of the DLMD bonds, at June 30, 2010 an amount of € 0.2 million of additional interest income on the Senior portion was recorded and € 2.3 million was booked for the revaluation of EXOR’s remaining receivable to adjust it to the market value of the 790,190 Sequana shares transferred by DLMD to EXOR S.A. on July 30, 2010, equal to the July 29, 2010 trading price (€ 10.90 per share, for a total of € 8.6 million).
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11. Comparison between carrying amounts and market prices of listed investments and other listed financial assets Details are as follows:
Market price Number Carrying amount 6/30/2010 of shares Per share (€) Total (€ ml) Per share (€) Total (€ ml) Investments Fiat S.p.A. - ordinary shares 332,587,447 9.03 3,004.6 8.54 2,840.6 - preferred shares 31,082,500 9.03 280.8 5.06 157.3 - savings shares 2,338,629 9.03 21.1 5.39 12.6 366,008,576 3,306.5 3,010.5
Sequana S.A. 13,203,139 15.55 205.3 10.01 132.2
Juventus Football Club S.p.A. 120,934,166 0.48 57.7 0.80 97.2
Other financial assets Intesa Sanpaolo S.p.A. (ordinary) 10,000,000 2.17 21.7 2.17 21.7 SGS S.A. 1,173,400 1,100.66 1,291.5 1,100.66 1,291.5
Total 4,882.7 4,553.1
12. Capital issued and reserves attributable to owners of the Parent Details are as follows:
€ in millions 6/30/2010 12/31/2009 Change Capital stock 246.2 246.2 0.0 Reserves 5,718.9 5,171.7 547.2 Treasury stock (134.5) (112.5) (22.0) Total 5,830.6 5,305.4 525.2
Details of the changes during the period are as follows:
€ in millions Balance at December 31, 2009 5,305.4 Derecognition of the cumulative positive fair value on the stake sold in Intesa Sanpaolo (Note 9) (5.6) Adjustments to fair value on: - remaining investment in Intesa Sanpaolo (-€ 9.9 million, net of deferred taxes of +€ 0.1 million) (Note 9) (9.8) - investment in SGS S.A. (Note 9) 223.0 - NoCo B 6.2 - Other financial assets 0.3 Treasury stock purchases (22.0) Attributable exchange differences on translating foreign operations (+€ 410.6 million) and other net changes recorded in equity, shown by the investments consolidated and accounted for by the equity method (-€ 34.7 million) 375.9 Dividends distributed by EXOR S.p.A. (67.9) Consolidated profit attributable to owners of the Parent 25.1 Net change during the period 525.2 Balance at June 30, 2010 5,830.6
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Treasury stock Under the treasury stock buyback Programs approved by the board of directors on March 25, 2009 (completed during the first quarter of 2010) and on May 11, 2010, in the first half of 2010, EXOR purchased 694,000 ordinary shares (0.43% of the class) at the average cost per share of € 12.41 for a total of € 8.6 million, 1,529,000 preferred shares (1.99% of the class) at the average cost per share of € 8.22 for a total of € 12.6 million, and also 78,237 savings shares (0.85% of the class) at the average cost per share of € 9.94 for a total of € 0.8 million. The total investments in the first half of 2010 amounted to € 22 million.
At June 30, 2010, EXOR S.p.A. holds the following treasury stock:
Number % of Carrying amount Class of stock of shares class Per share (€) Total (€ ml) ordinary 3,244,000 2.02 11.78 38.2 preferred 8,494,300 11.06 11.04 93.8 savings 286,637 3.13 8.72 2.5 134.5
13. Consolidated net financial position of the Holdings System The consolidated net financial position of the Holdings System at June 30, 2010 shows a positive balance of € 186.3 million and a positive change of € 134.7 million compared to the balance at the end of 2009 (+€ 51.6 million).
The balance is composed as follows:
6/30/2010 12/31/2009 Non- Non- € in millions Current current Total Current current Total Financial assets 801.7 191.7 993.4 604.5 87.2 691.7 Financial receivables from subsidiaries 40.8 0.0 40.8 28.2 0.0 28.2 Receivables for withholdings to be collected on dividends 10.7 0.0 10.7 0.0 0.0 0.0 Cash and cash equivalents 266.7 0.0 266.7 462.5 0.0 462.5 Total financial assets 1,119.9 191.7 1,311.6 1,095.2 87.2 1,182.4 EXOR bonds 2007-2017 (2.1) (745.4) (747.5) (22.4) (745.2) (767.6) EXOR bonds 2006-2011 (0.2) (199.8) (200.0) (0.2) (199.7) (199.9) Financial payables to subsidiaries (7.5) 0.0 (7.5) 0.0 0.0 0.0 Bank debt and other financial liabilities (95.3) (75.0) (170.3) (38.3) (125.0) (163.3) Total financial liabilities (105.1) (1,020.2) (a) (1,125.3) (60.9) (1,069.9) (a) (1,130.8) Consolidated net financial position of the Holdings System 1,014.8 (828.5) 186.3 1,034.3 (982.7) 51.6
(a) Does not include the negative fair value of € 37.8 million on the embedded derivative relating to Perfect Vision convertible bonds (€ 32.2 million at December 31, 2009).
Current financial assets include equity securities listed in major international markets and listed bonds with maturities of more than three months issued by leading financial institutions. Such securities, if held for trading, are measured at fair value on the basis of the market price at period-end, translated, if appropriate, at the period-end exchange rates, with recognition of the fair value in profit or loss; if held-to-maturity, they are measured at amortized cost. Derivative financial instruments are also used.
Non-current financial assets include bonds issued by leading issuers and classified in other investments held-to-maturity, measured at amortized cost.
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Financial receivables from subsidiaries include the amount drawn down by C&W Group on the credit line (for a maximum of $50 million) extended by EXOR S.p.A., for € 33.3 million ($40 million), inclusive of interest accrued to the end of the first half, as well as the receivable of € 7.5 million from Alpitour S.p.A. for the partial reimbursement of additional paid-in capital (collected in July).
Cash and cash equivalents include demand deposits or short-term deposits, and readily negotiable money market instruments and bonds. Investments are spread over an appropriate number of counterparties since the primary objective is having investments which can readily be converted into cash. The counterparties are chosen according to their creditworthiness and reliability.
Financial payables to subsidiaries of € 7.5 million refer to the amount due to Almacantar for the capital increase subscribed to but not yet paid.
The positive change of € 134.7 million in the first half of 2010 is due to the following flows:
€ in millions Consolidated net financial position of the Holdings System at December 31, 2009 51.6 Dividends received from investments 121.5 - Fiat S.p.A. 66.9 - SGS S.A. 49.1 - Sequana S.A. 4.6 - Intesa Sanpaolo S.p.A. 0.8 - Emittenti Titoli S.p.A. 0.1 Reimbursements of reserves by investment holdings 36.0 - Gruppo Banca Leonardo 27.3 - Alpitour S.p.A. 7.5 - NoCo A LP 1.2
Sale of 30,000,000 Intesa Sanpaolo ordinary shares (0.25% of ordinary capital stock) 90.0
EXOR treasury stock buybacks (22.0) - 1,529,000 preferred shares (1.99% of the class) (12.6) - 694,000 ordinary shares (0.43 of the class) (8.6) - 78,237 savings shares (0.85% of the class) (0.8)
Investments (18.9) - Almacantar (63.75% of capital stock and voting rights) (10.0) (a) - NoCo B LP (7.2) - Banijay Holding (subscription to capital increase) (1.7)
Dividends distributed by EXOR S.p.A. (67.9)
Other changes (4.0) - Net general expenses (excluding the figurative cost of the EXOR stock option plan) (11.5) - Non-recurring other income (expenses) and general expenses (2.7) - Other taxes and duties (1.2) - Net financial income (b) 15.4 - Income taxes paid (7.5) - Other net changes 3.5 Net change during the period 134.7 Consolidated net financial position of the Holdings System at June 30, 2010 186.3
(a) Of which € 2.5 million already paid in and € 7.5 million recorded in financial payables. (b) Includes fair value adjustments to current and non-current financial assets (-€ 12.3 million), interest and other financial income (+€ 87.4 million), interest and other financial expenses (-€ 48.8 million) net of positive fair value adjustments to DLMD bonds (€ 2.5 million), Vision convertible bonds (€ 7.9 million) and interest income on the receivables from the tax authorities (€ 0.5 million), which are recorded, respectively, in non-current financial assets and other receivables and, consequently, are not included in the net financial position.
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At June 30, 2010, EXOR S.p.A. has irrevocable credit lines for € 900 million, of which € 660 million is due after June 30, 2011, as well as revocable credit lines for approximately € 728 million.
On February 9, 2010, Standard & Poor's confirmed its rating of EXOR’s long-term and short-term debt (respectively “BBB+” and “A-2”) with a negative outlook.
14. Reconciliation between the consolidated net financial position of the Holdings System and the consolidated net financial position – line-by-line consolidation
The composition of the consolidated net financial position – line-by-line consolidation is presented in Note 26 to the half-year condensed consolidated financial statements of the EXOR Group.
€ in millions 6/30/2010 12/31/2009 Change Consolidated net financial position of the Holdings System 186 52 134 Net financial position of investments consolidated line-by-line: - C&W Group (174) (124) (50) - Alpitour Group (29) 67 (96) - Juventus Football Club S.p.A. 6 10 (4) Consolidated net financial position - line-by-line consolidation (11) 5 (16)
15. Reconciliation between the shortened interim consolidated financial statements and the half-year condensed consolidated financial statements The following table presents a reconciliation between the shortened interim consolidated financial statements and the half-year condensed consolidated financial statements. The first column (“Shortened consolidation”) presents the data that has been commented on in the preceding pages, reclassified according to the half-year condensed consolidated financial statement formats. The next to the last column (“Eliminations and consolidation adjustments”) shows the adjustments necessary to reverse the carrying amount of the investments accounted for in the shortened interim consolidated financial statements by the equity method and the share of the results of those investments in order to arrive at the line-by-line consolidation of the respective half-year financial statements or accounting data, which is shown in the preceding columns.
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Reconciliation of the consolidated statement of financial position
Shortened C&W Alpitour consolidation EXOR Group € in millions consolidation Group Group Juventus F.C. adjustments consolidation Non-current assets Goodwill 0 484 27 (91) 420 Other intangible assets 0 341 30 113 484 Property, plant and equipment 12 43 105 69 229 Investments accounted for by the equity method 4,071 (559) 3,512 Other financial assets 1,770 4 6 2 1,782 Deferred tax assets 0 8 16 24 Other assets 0 28 8 37 73 Total Non-current assets 5,853 908 192 221 (650) 6,524 Current assets Inventories 0 3 3 Trade receivables 0 215 87 12 314 Other receivables 47 79 18 23 167 Financial assets 853 1 (41) 813 Cash and cash equivalents 267 39 33 37 376 Total Current assets 1,167 334 141 72 (41) 1,673 Total Assets 7,020 1,242 333 293 (691) 8,197 Equity Capital stock issued and reserves attributable to owners of the Parent 5,831 450 51 58 (559) 5,831 Attributable to non-controlling interests 0 127 5 38 (91) 79 Total Equity 5,831 577 56 96 (650) 5,910 Non-current liabilities Provisions for employee benefits 4 23 16 43 Provisions for other liabilities and charges 0 4 1 2 7 Bonds and other debt 1,058 212 2 30 (33) 1,269 Deferred tax liabilities 1 65 1 67 Other non-current liabilities 0 62 2 61 125 Total Non-current liabilities 1,063 366 21 94 (33) 1,511 Current liabilities Provisions for employee benefits 0 43 43 Provisions for other liabilities and charges 0 15 4 1 20 Bonds and other debt 105 5 66 3 (8) 171 Trade payables 2 127 124 21 274 Other current liabilities 19 109 62 78 268 Total Current liabilities 126 299 256 103 (8) 776 Total Equity and Liabilities 7,020 1,242 333 293 (691) 8,197
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Reconciliation of the consolidated income statement
Eliminations and Shortened C&W Alpitour consolidation EXOR Group € in millions consolidation Group Group Juventus F.C. adjustments consolidation Revenues 2 565 370 101 (3) 1,035 Other revenues from current operations 1 2 5 8 Purchases of raw materials and changes in inventories 0 (251) (1) (252) Personnel costs (6) (474) (52) (72) (604) Costs for external services (8) (75) (77) (15) 2 (173) Taxes and duties (1) (3) (1) (5) Depreciation and amortization (22) (8) (18) (48) Accruals to provisions and other expenses from current operations (1) (10) (11) (14) 1 (35) Loss from current operations (13) (19) (28) (14) 0 (74) Impairment charges to assets 0 Non-recurring other income (expenses) (3) (4) (2) 0 (9) Operating (loss) (16) (23) (30) (14) 0 (83) Gains (Losses) on disposals of investments 1 1 Other financial income (expenses) 76 (8) (1) (1) 0 66 Financial income (expenses) 77 (8) (1) (1) 0 67 Income taxes (8) 12 6 (4) 6 Profit (Loss) of companies consolidated line-by-line 53 (19) (25) (19) 0 (10) Share of the profit (loss) of investments accounted for by the equity method (28) 52 24 Profit (Loss) from continuing operations 25 (19) (25) (19) 52 14 Profit (Loss) from discontinued operations or assets held for sale 0 Profit (Loss) attributable to: 25 (19) (25) (19) 52 14 - owners of the Parent 25 (15) (26) (11) 52 25 - non-controlling interests 0 (4) 1 (8) 0 (11)
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BUSINESS OUTLOOK
EXOR S.p.A. expects to report a profit for the year 2010.
At the consolidated level, the year 2010 should show a significant improvement in the economic results which, however, will largely depend upon the performance of the principal investment holdings. Their most recent forecasts are presented below.
Fiat Group The Fiat Group expects all of its Sectors to significantly improve performance over the prior year in the second semester of 2010, with the exception of the Automobiles business, the performance of which will be impacted by the reduction and/or elimination of eco-incentives programs which underpin demand in Western Europe.
The Fiat Group confirms the following targets for the year, announcing that it is highly probable that it will upgrade guidance for 2010:
- revenues in excess of € 50 billion; - trading profit of € 1.1 to € 1.2 billion; - net profit near breakeven; - net industrial debt above € 5 billion.
C&W Group C&W Group believes that the measures taken to reduce expenses and to maintain strong financial discipline, particularly during the early stages of the global economic recovery, position the Group for a return to profitability in 2010. The C&W Group experienced three consecutive quarters of year-over-year revenue growth due to improved general market conditions, which is an indicator that C&W Group will continue to leverage its brand premium and leadership position in major markets and select service disciplines to gain market share. With continued cost containment measures in place, the C&W Group’s focus on selectively recruiting and retaining the sector’s premier talent in the world’s major business districts, and its continued emphasis on the diversification of its services and geographic reach, the outlook is positive for stronger revenues and more stable earnings for the rest of 2010.
Alpitour Group As concerns the outlook for the current year, after a winter season still exhibiting signs of some difficulties and a weak demand, the Alpitour Group is awaiting signs of a recovery and a return to a climate of confidence in the summer season. In this context, the goal of the Alpitour Group is to better the economic results reported in 2009 in terms of both profit and margins and, despite the significant adverse impact of the shutdown of the airports in April and May 2010 due to the eruption of the volcano in Iceland, to consolidate the return on invested capital and further improve the financial situation as well as reconfirm its position as the market leader also from the standpoint of innovation.
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Juventus Football Club The 2010/2011 economic performance will be adversely affected by the Club’s failure to qualify for the UEFA Champions League. This will produce lower income from European games and lower sales revenues in addition to the effects stemming from the coming into force of the new rules on broadcasting rights and the distribution of media proceeds.
Therefore, on the basis of information currently available and in the absence of any extraordinary events, Juventus Football Club is expected to close the 2010/2011 financial year with a significant loss.
Sequana Group Given the still uncertain economic and financial scenario, both Antalis and Arjowiggins anticipate a modest growth in demand in the second half of 2010. After the record prices reached in the first half of 2010, cellulose prices should stabilize and start to decline. Price increase put into practice in the first half by Arjowiggins will continue in all of its business segments; further price hikes are expected in the third quarter and their positive effects should be fully felt in the last quarter of 2010 so as to compensate the impact of the raw material price increases over the entire year. The distribution sector will also apply new price increases in the second half of the year.
The strategy of raising operating margins and reducing net debt will carry over into the second half of 2010; for the full-year, the Sequana Group confirms its objective of improving the operating results as compared to the previous year.
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REVIEW OF PERFORMANCE BY THE MAIN OPERATING SUBSIDIARIES AND ASSOCIATES
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(30.45% of ordinary capital stock and 30.09% of the preferred capital stock)
The main consolidated results of the Fiat Group in the first half of 2010 can be summarized as follows:
Half I Quarter II € in millions 2010 2009 2010 2009 Net revenues 27,762 24,452 14,836 13,184 Trading profit (loss) 1,003 262 651 310 Operating profit (loss) 980 29 628 158 Profit (loss) for the period 92 (590) 113 (179) Profit (loss) attributable to owners of the parent 65 (578) 90 (168)
Balance at € in millions 6/30/2010 12/31/2009 Change Total assets 73,475 67,235 6,240 Net (debt) cash 17,408 15,898 1,510 Equity attributable to owners of the Parent 11,136 10,301 835
Net revenues In the first half of 2010, Fiat Group revenues total approximately € 27.8 billion, an increase of 13.5% (+9% at constant exchange rates) compared to approximately € 24.5 billion in the same period of the prior year.
Change € in millions Half I 2010 Half I 2009 % Automobiles (Fiat Group Automobiles, Maserati, Ferrari) 15,261 13,540 12.7 Agricultural and Construction Equipment (CNH) 5,892 5,458 8.0 Trucks and Commercial Vehicles (Iveco) 3,791 3,296 15.0 Components & Production Systems (FPT, Magneti Marelli, Teksid, Comau) 6,424 4,878 31.7 Other Businesses 542 550 (1.5) Eliminations (4,148) (3,270) - Total net revenues 27,762 24,452 13.5
Fiat Group Automobiles (FGA) close the first half with revenues of € 14.2 billion, up 13.5% over the first six months of 2009, driven by increased volumes, improved sales mix and favorable currency movements (+7.2% at constant exchange rates). Maserati and Ferrari report respectively € 301 million in revenues in the first half of 2010, up 33.2% over the same period of the prior year (€ 226 million), and € 903 million, a slight increase of 1.3% over the same period of the prior year (€ 891 million).
The Agricultural and Construction Equipment Sector (CNH) has revenues of € 5.9 billion in the first half of 2010, up 8% (+7.5% in USD terms) over the same period in 2009. Revenues increased as a result of a strengthening of the Americas and Rest-of-World markets, which more than offset the difficult trading conditions in Western and Eastern Europe.
The Trucks and Commercial Vehicles businesses (Iveco) post revenues of € 3.8 billion, up 15% over the same period of the prior year due to higher sales volumes.
The Components and Production Systems businesses report revenues of € 6.4 billion, representing a 31.7% increase over the first half of 2009. Sales volumes increased for all Sectors.
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Trading profit (loss) The Group reports trading profit of € 1,003 million (trading margin of 3.6%), up from € 262 million in the first half of 2009 (trading margin of 1.1%). The improvement in trading performance was mainly driven by higher volumes and the continuing emphasis on cost containment actions.
The analysis of first-half data by business is as follows:
€ in millions Half I 2010 Half I 2009 Change Automobiles (Fiat Group Automobiles, Maserati, Ferrari) 466 254 212 Agricultural and Construction Equipment (CNH) 390 172 218 Trucks and Commercial Vehicles (Iveco) 53 6 47 Components & Production Systems (FPT, Magneti Marelli, Teksid, Comau) 118 (154) 272 Other Businesses and Eliminations (24) (16) (8) Total trading profit 1,003 262 741 Trading margin (%) 3.6% 1.1%
FGA posts a trading profit of € 338 million in the first half of 2010. The increase over the € 125 million figure in the first half of 2009 was driven by higher volumes, an improved product mix attributable to demand for light commercial vehicles, purchasing savings and favorable currency movements, partially offset by higher advertising spending due to new product launches. Trading profit of Maserati and Ferrari came respectively to € 12 million and to € 116 million in the first half of 2010.
Trading profit of CNH more than doubled to € 390 million, up € 218 million from the € 172 million for the comparable period a year ago. Industrial efficiencies were achieved across the board, while volume and pricing, mainly in North and Latin American markets, drove better operating margins.
Iveco closes the first half with a trading profit of € 53 million, compared to the € 6 million figure in the first half of 2009. This improvement was primarily attributable to higher sales volumes and production efficiencies.
Trading profit of the Components and Production Systems businesses totals € 118 million, compared to a € 154 million loss in the first half of 2009. All Sectors reported improvements which were principally attributable to higher volumes and efficiency gains.
Operating profit Operating profit in the first half of 2010 is € 980 million, compared to € 29 million in the first six months of 2009, due to the significant increase in trading profit (+€ 741 million) and a € 210 million decrease in net unusual expense.
Profit (loss) for the period Net profit in the first half of 2010 totals € 92 million, compared to a loss of € 590 million in the same period in 2009.
The profit attributable to owners of the Parent is € 65 million in the first half of 2010; the net loss attributable to owners of the Parent was € 578 million in the same period of 2009.
Equity attributable to owners of the Parent The equity attributable to owners of the Parent at June 30, 2010 amounts to € 11,136 million with a net increase of € 835 million compared to the balance at the end of 2009.
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Net debt At June 30, 2010, consolidated net debt totals € 17,408 million, up € 1,510 million over the € 15,898 million figure at December 31, 2009. Excluding the impact of currency translation differences, net debt increased € 233 million. In the first six months of 2010, cash used for investing activities (mainly capital expenditures in the period and increases in the portfolios of the financial services companies) and dividend payments were almost completely offset by cash generated by operating activities.
Balance at € in millions 6/30/2010 12/31/2009 Change Financial payables (30,774) (28,527) (2,247) - Asset-backed financing (8,179) (7,086) (1,093) - Other (22,595) (21,441) (1,154) Current financial receivables from jointly-controlled financial services entities (a) 24 14 10 Financial payables, net of intersegment balances and current financial receivables from jointly-controlled financial services entities (30,750) (28,513) (2,237) Other financial assets (b) 524 636 (112) Other financial liabilities (b) (730) (464) (266) Liquidity 13,548 12,443 1,105 - current securities 209 217 (8) - cash and cash equivalents 13,339 12,226 1,113 Net (debt) cash (17,408) (15,898) (1,510) - Industrial Activities (3,706) (4,418) 712 - Financial Services (13,702) (11,480) (2,222)
(a) Includes current financial receivables from FGA Capital Group. (b) Includes assets and liabilities arising from the fair value recognition of derivative financial instruments.
Demerger of the trucks and Commercial Vehicles, Agricultural and Construction Equipment businesses and powertrain business On July 21, 2010, the board of directors of Fiat approved a partial and proportional demerger pursuant to art. 2506 and subsequent articles of the Italian Civil Code with which Fiat S.p.A. intends to transfer to a newly incorporated company, Fiat Industrial S.p.A., certain assets (mainly investment holdings) in the truck, industrial & marine powertrain, agricultural and construction equipment businesses, as well as liabilities (financial debt). As a result of the demerger, such businesses will be separated from the car business and relating components, which include Fiat Group Automobiles, Ferrari, Maserati, Magneti Marelli, Teksid, Comau and FPT Powertrain Technologies (passenger & commercial vehicles powertrain business).
As of the demerger date - expected to be January 1, 2011 - shares of Fiat Industrial will be assigned to Fiat stockholders on a one-to-one ratio.
Fiat and Fiat Industrial will be separately listed on the Milan Stock Exchange and will operate as independent separately listed companies with their own management teams and boards of directors.
Completion of the demerger is subject to stockholders’ approval and other regulatory approvals (Consob and Italian Stock Exchange). The Board of Directors has authorized the chairman and the CEO of Fiat to call the ordinary and extraordinary stockholders’ meeting to approve the demerger and some amendments to the current bylaws that either arise from the demerger (including the reduction of the aggregate amount currently available for the purchase of treasury shares) or are required by recently enacted corporate law regulations. It is expected that such stockholders’ meeting will be duly convened on September 16, 2010.
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The demerger will be made at book value and will therefore have no effect on the consolidated results of the Group or on the statutory result of Fiat S.p.A. for the year ended December 31, 2010.
No stockholder withdrawal rights will be triggered as a result of the demerger.
Fiat Industrial Group received a highly confident letter jointly signed by Barclays Capital, BNP Paribas, Citi, Crédit Agricole Corporate and Investment Bank, Intesa Sanpaolo S.p.A., Société Générale Corporate & Investment Banking, The Royal Bank of Scotland plc, and Unicredit Corporate Banking S.p.A. for a new facility of up to € 4 billion (to be available as a combination of a revolving credit facility and a term loan) which is expected to be finalized before the demerger date.
Such facility will serve for general corporate purposes and working capital needs including the repayment after the demerger date by Fiat Industrial of intercompany financing provided by Fiat up to and including the demerger date.
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(70.15% of capital stock through EXOR S.A.)
The data presented and commented below is taken from C&W Group’s consolidated accounting data as of and for the six months ended June 30, 2010, prepared in accordance with IFRS.
A significant portion of C&W Group’s revenue is seasonal, which can affect its ability to compare the financial condition and results of operations on a quarter-by-quarter basis. Historically, this seasonality has caused its revenue, operating income, net income and cash flows from operating activities to be lower in the first two quarters and higher in the third and fourth quarters of each year. The concentration of earnings and cash flows in the fourth quarter is due to an industry-wide focus on completing transactions toward the calendar year-end. This has historically resulted in lower profits, or a loss, in the first and second quarters, with profits growing or losses decreasing in each subsequent quarter.
Half I Change $ in millions 2010 2009 Amount % Net revenues (Commission and service fee) (A) 578.0 491.3 86.7 17.6 Reimbursed costs – managed properties and other costs (B) 171.7 162.6 9.1 5.6 Gross revenues (A+B) 749.7 653.9 95.8 14.7 Operating loss (25.1) (94.1) 69.0 (73.3)
Loss attributable to owners of the Parent (24.6) (83.8) 59.2 (70.7) Profit attributable to non-controlling interests 0.0 1.5 (1.5) n.s. Net consolidated loss (24.6) (82.3) 57.7 (70.1)
$ in millions 6/30/2010 12/31/2009 Change Equity attributable to owners of the Parent 705.1 739.7 (34.6) Consolidated net financial position (214.1) (178.5) (35.6)
Gross revenues increased $95.8 million, or 14.7%, to $749.7 million in the first half of 2010, as compared with $653.9 million in the first half of 2009. The impact from foreign exchange accounted for $15.0 million, or 2.3 percentage points, of the year-over-year increase.
Net revenues increased $86.7 million, or 17.6%, to $578.0 million in the first half of 2010, as compared with $491.3 million in the first half of 2009. The impact from foreign exchange accounted for $14.7 million, or 3 percentage points, of the year-over-year increase.
The following presents the breakdown of gross and net revenues by geographical area:
Half I Change $ in millions 2010 2009 Amount % Am ericas 551.5 483.0 68.5 14.2 EMEA 149.0 137.4 11.6 8.4 As ia 49.2 33.5 15.7 46.9 Gross revenues 749.7 653.9 95.8 14.7
Am ericas 399.0 338.3 60.7 17.9 EMEA 139.3 127.0 12.3 9.7 As ia 39.7 26.0 13.7 52.7 Net revenues 578.0 491.3 86.7 17.6
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The Americas region, including the United States, Canada and Latin America, comprised 73.6% and 69.0% of gross and net revenues, respectively, in the first half of 2010, as compared with 73.9% and 68.9% of gross and net revenues, respectively, in the first half of 2009.
EMEA, which includes Europe, Middle East and Africa, comprised 19.9% and 24.1% of gross and net revenues, respectively, in the first six months of 2010, as compared with 21.0% and 25.8% of gross and net revenues, respectively, in the first six months of 2009.
For the same period, Asia comprised 6.6% and 6.9% of gross and net revenues, respectively, as compared with 5.1% and 5.3% of gross and net revenues, respectively, in the first half of 2009.
For the first six months of 2010, C&W Group’s global primary service lines, including Transaction Services, Client Solutions, Valuation Services and Capital Markets, comprised 52.6%, 21.5%, 11.6% and 12.7% of net revenues, respectively, as compared with 50.9%, 25.7%, 14.4% and 8.8%, respectively, for the first six months of 2009.
From a service line perspective, the improved net revenue performance in the first half of 2010 was driven by increases in Transaction Services and Capital Markets revenues of $53.6 million, or 21.4%, and $30.2 million, or 70.1%, respectively. Transaction Services revenue was driven by increased leasing activity. Capital Markets benefited from the increased availability of credit and capital allotted to real estate investments.
Due to the increase in revenues, commission expense increased $30.4 million, or 19.5%, to $186.5 million in the first half of 2010, as compared with $156.1 million in the first half of 2009.
The increase in commission expense is primarily attributable to an increase in commission expense in the U.S. of $24.5 million, or 17.9%, to $161.2 million in the first half of 2010, as compared with $136.7 million in the first half of 2009. The increase in commission expense in the U.S. is primarily driven by the 17.3% increase in U.S. net revenues in the first six months of the year, as compared with the first six months of 2009. Commission expense as a percentage of net revenues in the U.S. increased slightly to 49.3% in the first half of 2010, as compared with 49.0% in the same period last year.
Total operating expenses decreased $12.7 million, or 3.0%, to $416.6 million in the first half of 2010, as compared with $429.3 million in the first half of 2009. Total operating expenses, excluding the impact from foreign exchange, decreased $24.3 million, or 5.7%. The decrease of $12.7 million is primarily attributable to reductions in facility expense, professional fees, technology and telephone expense, and depreciation and amortization of $6.1 million, $2.6 million, $1.6 million and $1.5 million, respectively. In addition, impairment charges and restructuring costs incurred in connection with the Company’s cost reduction initiatives in the first six months of 2009 decreased by $9.9 million and $13.4 million, respectively, in the first six months of 2010. These decreases in operating expenses were partially offset by an increase in incentive compensation charges of $23.8 million, as the Group returns to more normal levels of expected profit.
For the second quarter of 2010, the following is noted: - gross revenues increased $58.7 million, or 16.5%, to $414.5 million, as compared with $355.8 million in the second quarter of 2009; - commission and service fee revenues increased $50.7 million, or 18.5%, to $324.4 million, as compared with $273.7 million in the same period in the prior year; - with this second-quarter 2010 performance, C&W Group continued the trend of double-digit revenue growth that began in the fourth quarter of 2009, as reflected in the year-over-year growth in commission and service fee revenues of 11.0%, 16.5% and 18.5% in the fourth quarter of 2009, the first quarter of 2010 and the second quarter of 2010, respectively.
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The strong revenue performance combined with continued discipline surrounding operating expenses led to the generation of earnings before interest, taxes, depreciation and amortization (EBITDA) and operating income of $17.2 million and $5.6 million, respectively, in the three months ended June 30, 2010, as compared with losses in both of these financial measures in the same period last year (EBITDA loss of $31 million and an operating loss of $23.5 million).
These same factors drove a significant improvement in C&W Group’s operating loss, which decreased 73.3%, as compared with the operating loss in the first half of 2009, and in the loss attributable to owners of the Parent, which decreased 70.7%, as compared with the loss attributable to owners of the Parent for the six months ended June 30, 2009.
As of June 30, 2010, C&W Group’s net financial position is a negative $214.1 million, as compared with a negative $178.5 million as of December 31, 2009. C&W Group has historically experienced these trends in the first half of the year, as compared with the prior year-end, due to the seasonality in the business. C&W Group’s net financial position as of June 30, 2010 improved by $41.2 million, as compared with the negative net financial position of $255.3 million as of June 30, 2009.
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(100% of capital stock)
The highlights of the consolidated results of the Alpitour Group in the first half of the financial year 2009/2010 (November 1, 2009 – April 30, 2010) are as follows:
Half I € in millions 2010 2009 Change Net sales 369.8 344.0 25.8 Loss from ordinary operations (26.6) (40.4) 13.8 Loss attributable to owners of the Parent (25.7) (34.0) 8.3
€ in millions 4/30/2010 10/31/2009 Change Equity attributable to owners of the Parent 50.8 80.6 (29.8) Consolidated net financial position (21.2) (a) 66.5 (87.7)
(a) Before distribution of reserves to EXOR for € 7.5 million.
In order to be able to correctly interpret the results for the period, it should be stressed that the results are impacted by the very highly seasonal nature of the Alpitour Group’s business: in fact, revenues are principally concentrated in the summer season while structure costs are essentially incurred regularly throughout the course of the year.
In the first few months of the financial year 2009/2010, the tourism sector was again hurt by a structural weakness in demand, with the exception of the holiday period at the end of the year, where results are considered to be positive. The market continues to suggest that the final customer is paying close attention to prices, a sign of reduced spending capabilities, and also a strong inclination to book “close to the travel date”. Moreover, the eruption of the volcano in Iceland almost entirely grounded air traffic over European skies for several days and adversely affected the tourism industry’s operating margins owing to lower revenues and higher reprotection costs.
In the first half of 2009/2010, consolidated net sales reported by the Alpitour Group increased 7.5% to € 369.8 million from € 344.0 million in the corresponding period of the prior year. Even with a structural weakness in demand from the reduced spending capabilities of consumers, sales displayed an improvement over the corresponding period of the prior year, especially in the Tour Operating, Aviation and M.I.C.E. divisions.
Despite the market situation, in fact, Tour Operating sales in the first six months of the year, compared to the corresponding period of the prior year, show a positive trend of growth in volumes and sales, equal to € 260.7 million (€ 254.8 million in the first half of 2008/2009).
The airline company Neos recorded sales of € 82.7 million in the first half of 2009/2010 (€ 69.9 million in the first half of 2008/2009): the structural weakness in demand was amply compensated by the acquisition of traffic for ad hoc operations and wet lease outs which enabled Neos to post 18.4% higher sales.
The M.I.C.E. sector, which reports to the company AW Events, posts sales of € 12.2 million in the first half of 2009/2010 (€ 7.4 million in the first half of 2008/2009), displaying significant gains in demand which, in the prior year, had been heavily penalized by the economic crisis.
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In the first half of 2009/2010, the Hotel sector generated sales of € 23 million compared to € 24.9 million in the same period of the prior year. The decrease (-7.7%) is mainly due to the effects of the economic crisis which, although to a lesser extent, continued to impact sales performance also in the current year, especially with regard to foreign hotels, that is, on long- haul destinations featuring higher average prices.
Sales in the Distribution Sector in the first six months total € 11.6 million (€ 12.3 million in the first half of 2008/2009), with a contraction largely attributable to the cut-back in owned points-of- sale implemented as part of the rationalization plan for the agency network and also a different sales mix.
Finally, the Incoming Sector posted sales of € 64.3 million in the first half of 2009/2010, increasing slightly (+1.4%) compared to the first half of the prior year (€ 63.4 million): the Jumbo Tours Group was able, thanks to incisive marketing policies, to protect its volumes thereby increasing the number of passengers managed by about 12.9% compared to the first six months of 2008/2009.
In the first half ending April 30, 2010, the loss from ordinary operations is € 26.6 million (a loss of € 40.4 million in the first half of the prior year). The loss is lower mostly on account of the effects of the marketing policies aimed at safeguarding margins, as well as the positive impact of steps taken for rationalizing and containing variable and structure costs. In addition, the loss in the first half of 2009/2010 was penalized by more than € 4 million for customer reprotection costs and the loss of volumes after air space was closed following the eruption of the volcano in Iceland. If this effect is not considered, the loss in the first half would have been over € 17.9 million lower than in the same period of the prior year.
The loss attributable to owners of the Parent is € 25.7 million in the first half ended April 30, 2010 compared to a loss of € 34 million for the six-month period to April 30, 2009.
The consolidated net financial position at the end of the first half is a negative € 21.2 million, compared to a positive € 66.5 million at October 31, 2009. The negative change of about € 88 million is mostly due to the effects of working capital owing to the seasonality of the business.
The ordinary session of the stockholders’ meeting held on February 26, 2010 approved the distribution of € 7.5 million to the sole stockholder, EXOR, by drawing from additional paid-in capital; payment will be made in July.
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(60.00% of capital stock)
The following data and comments are taken from the interim management report at June 30, 2010 (approved by the board of directors on August 6, 2010) on the fourth quarter of the financial year 2009/2010. Juventus Football Club’s financial year does not coincide with the calendar year but covers the period July 1 – June 30 which corresponds to the soccer season. The meeting of the Juventus Football Club board of directors to approve the draft financial statements at June 30, 2010 is scheduled to take place on September 24, 2010.
Year Year € in millions 2009/2010 2008/2009 Change Revenues 240.2 240.4 (0.3) Operating income 11.1 13.9 (2.8) Net income (loss) (5.1) 6.6 (11.7) Shareholders' equity (a) 96.1 101.8 (5.7) Net financial position (a) 6.4 25.6 (19.1)
(a) Data at the end of the period.
Revenues for the year 2009/2010 amount to € 240.2 million, mainly unchanged compared to € 240.4 million for the year ended June 30, 2009. Operating costs, on the other hand, total € 196.5 million, an increase of 1.2% compared to the prior year.
Amortization and impairment losses on players’ registration rights stand at € 33.7 million, an increase of € 5.6 million over the prior year due to investments made during the course of the 2009/2010 Transfer Campaign. Other amortization, depreciation, writedowns and accruals amount to € 2.1 million and mainly refer to the depreciation of the building and tangible assets relating to the Vinovo Training center and other tangible and intangible assets.
Non-recurring revenues and costs for the year ended June 30, 2010 total € 3.1 million and refer to the gain on the sale of the business segment relating to the outside commercial areas adjacent to the new stadium.
The operating income for the year ended June 30, 2010 is € 11.1 million (€ 13.9 million in the previous year).
The result for the year is a net loss of € 5.1 million against a net income of € 6.6 million in the prior year, after income taxes of € 13 million (€ 6.8 million in 2008/2009).
The pre-tax income, the tax effect and the net loss for the year ended June 30, 2010 were impacted by the contract for novation and integration signed on December 22, 2009 with Costruzioni Generali Gilardi S.p.A.. This brought forward some economic effects associated with the sale of the investment in Campi di Vinovo S.p.A. and the transfer to Campi di Vinovo S.p.A. of the business segment for the development of a commercial center on the land owned by Campi di Vinovo S.p.A.. In particular, financial income and expenses include implicit income and expenses referring to the receivables from Costruzioni Generali Gilardi S.p.A. and Campi di Vinovo S.p.A., which decreased during the period, and the release of the provision for infrastructure charges to income (for a total negative effect of about € 1 million); deferred income taxes, on the other hand, include the reversal of deferred tax assets that had been set aside on the accrual to the provision for infrastructure expenses for a tax charge of € 5.2 million.
Shareholders’ equity at June 30, 2010 is € 96.1 million, a decrease from € 101.8 million at June 30, 2009 owing to the loss for the year and other changes.
The net financial position at June 30, 2010 is a positive € 6.4 million, down from a positive balance of € 25.6 million at June 30, 2009.
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(28.24% of capital stock through EXOR S.A.)
The highlights of the consolidated results of the Sequana Group in the first half ended June 30, 2010 are as follows:
Half I Change € in millions 2010 2009 Net sales 2,144 2,067 77 Gross operating profit 120 108 12 Trading profit 80 73 7 Current profit 30 33 (3) Profit (loss) attributable to owners of the Parent 6 (21) 27
€ in millions 6/30/2010 12/31/2009 Change Equity attributable to owners of the Parent 766 738 28 Consolidated net debt 670 651 19
Net sales of the Sequana Group in the first half of 2010 are € 2,144 million, an increase of 3.8% (+1.4% at constant exchange rates) compared to the same period of 2009. Gross operating profit amounting to € 120 million grew 11% compared to the first half of the prior year while the trading profit of € 80 million increased 8.5% over the corresponding period of the prior year (€ 73 million). The gross operating profit margin is 3.7% (+0.2 percentage points) compared to the six months ended June 30, 2009). Current profit is € 30 million and the net profit attributable to owners of the Parent is € 6 million after non-recurring expenses (mainly restructuring expenses) of € 24 million. Consolidated net debt at June 30, 2010 amounts to € 670 million compared to € 651 million at December 31, 2009. Compared to June 30, 2009 (€ 732 million), the reduction in net debt is € 62 million.
In a market featuring a slight growth in volumes (+2%) in Europe, in the first half of 2010, Antalis recorded sales of € 1,434 million, an increase of 2.5% compared to the same period of 2009 (-0.7% at constant exchange rates). Gross operating profit is € 59 million (+20% compared to the first half of 2009), while the trading profit is € 45 million, an increase of 15.2%, with a trading margin of 3.2% (+0.4 percentage points).
Net sales of Arjowiggins are € 856 million, a gain of 11.3% over the first half of 2009 (+10.9% at constant exchange rates). In the first six months of 2010, Arjowiggins’ gross operating profit reached € 69 million, up 8.9% compared to the first six months to June 30, 2009. Trading profit, with a 5% margin, is € 43 million (+11.1% compared to the same period of the prior year).
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Half-year Condensed Consolidated Financial Statements at June 30, 2010 BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 40
EXOR GROUP CONSOLIDATED INCOME STATEMENT
Year Half I Half I 2009 € in millions Note 2010 2009 Change 2,427 Revenues 11 1,035 933 102 33 Other revenues from current operations 8 8 0 (754) Purchases of raw materials and changes in inventories (252) (244) (8) (1,150) Personnel costs (604) (539) (65) (382) Costs for external services (173) (179) 6 (11) Taxes and duties (5) (6) 1 (94) Depreciation and amortization (48) (46) (2) (76) Accruals to provisions and other expenses from current operations (35) (37) 2 (7) Loss from current operations (74) (110) 36 (68) Impairment losses on assets 0 (22) 22 (34) Non-recurring other income (expenses) 12 (9) (16) 7 (109) Operating loss (83) (148) 65 (15) Gains (Losses) on disposals of investments 1 (17) 18 (21) Other financial income (expenses) 66 38 28 (36) Financial income (expenses) 13 67 21 46 (145) Loss before income taxes (16) (127) 111 (14) Income taxes 6 20 (14) (159) Loss of investments consolidated line-by-line (10) (107) 97 (244) Share of the profit (loss) of investments accounted for by the equity method 14 24 (172) 196 (403) Profit (Loss) from continuing operations 14 (279) 293 0 Profit (loss) from discontinued operations or assets held for sale 0 0 0 (403) Profit (Loss): 14 (279) 293 (389) Attributable to owners of the Parent 25 (262) 287 (14) Attributable to non-controlling interests (11) (17) 6
Basic earnings attributable to owners of the Parent (€): (1.66) - per ordinary share 0.09 (1.26) 1.35 (1.35) - per savings share 0.17 (0.95) 1.12 (1.61) - per preferred share 0.14 (1.21) 1.35
Basic earnings from continuing operations (€): (1.66) - per ordinary share 0.09 (1.26) 1.35 (1.35) - per savings share 0.17 (0.95) 1.12 (1.61) - per preferred share 0.14 (1.21) 1.35
Diluted earnings attributable to owners of the Parent (€): (1.66) - per ordinary share 0.09 (1.25) 1.34 (1.35) - per savings share 0.17 (0.94) 1.11 (1.61) - per preferred share 0.14 (1.20) 1.34
Diluted earnings from continuing operations (€): (1.66) - per ordinary share 0.09 (1.25) 1.34 (1.35) - per savings share 0.17 (0.94) 1.11 (1.61) - per preferred share 0.14 (1.20) 1.34
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EXOR GROUP CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
€ in millions Half I 2010 Half I 2009 Profit (Loss) for the period (A) 14 (279) Gains (Losses) on cash flow hedges 6 (6) Gains (Losses) on fair value of available-for-sale financial assets 214 167 Gains (Losses) on exchange differences on translating foreign operations 82 9 Actuarial gains (losses) (4) (5) Share of other comprehensive income of investments accounted for by the equity method 296 88 Income tax relating to components of Other comprehensive income 4 Total Other comprehensive income, net of tax (B) 598 253 Total comprehensive income A+B 612 (26) Total comprehensive income attributable to: - owners of the Parent 606 (11) - non-controlling interests 6 (15)
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EXOR GROUP CONSOLIDATED STATEMENT OF FINANCIAL POSITION
€ in millions Note 6/30/2010 12/31/2009 Change Non-current assets Goodwill 16 420 365 55 Other intangible assets 16 484 459 25 Property, plant and equipment 17 229 198 31 Investments accounted for by the equity method 18 3,512 3,255 257 Other financial assets 19 1,782 1,540 242 Deferred tax assets 28 24 9 15 Other non-current assets 73 71 2 Total Non-current assets 6,524 5,897 627 Current assets Inventories 3 2 1 Trade receivables 314 310 4 Other receivables 167 148 19 Financial assets 19 813 608 205 Cash and cash equivalents 20 376 630 (254) Total Current assets 1,673 1,698 (25) Total Assets 8,197 7,595 602
Equity Capital stock issued and reserves attributable to owners of the Parent 21 5,831 5,305 526 Attributable to non-controlling interests 21 79 85 (6) Total Equity 5,910 5,390 520 Non-current liabilities Provisions for employee benefits 23 43 36 7 Provisions for other liabilities and charges 24 7 8 (1) Bonds and other debt 27 1,269 1,267 2 Deferred tax liabilities 28 67 64 3 Other non-current liabilities 125 117 8 Total Non-current liabilities 1,511 1,492 19 Current liabilities Provisions for employee benefits 23 43 32 11 Provisions for other liabilities and charges 24 20 21 (1) Bonds and other debt 27 171 88 83 Trade payables 274 342 (68) Other current liabilities 268 230 38 Total Current liabilities 776 713 63 Total Equity and Liabilities 8,197 7,595 602
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EXOR GROUP CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Cumulative shar e Cumulative reserve of profit (loss) for exchange of investments Equity Equity Cash flow differences on Available-for- Actuarial accounted for attributable to attributable to Capital Treasury Capital Earnings hedge translating sale financial gains using the ow ners non-controlling Total € in millions stock stock reserves reserves reserve foreign operations assets reserve (losses) equity method of the Parent interests equity Equity at January 1, 2009 163 (70) 386 3,108 (8) (24) 247 (1) (185) 3,616 1,810 5,426 Fair value of capital stock increase by Exor S.p.A. to service the exchange of IFIL ordinary and savings stock held by non- controlling interests (a) 83 0 348 431 (431) 0 Allocation to ow ners of the Parent of the interest of former non-controlling interests of IFIL (b) (3) 1,267 1,264 (1,264) 0 Effects of the merger transaction on other comprehensive income (b) (1) (10) 102 0 (80) 11 (11) 0 Allocation of expenses relative to the merger (17) (17) (17) Other changes connected w ith the merger 14 14 14 Purchases of treasury stock (18) (18) (18) Dividends distributed (82) (82) (82) Total comprehensive income (loss) (262) (6) 5 167 (3) 88 (11) (15) (26) Stock-based compensation 1 1 1 Other changes 1 1 1 2 Total changes 83 (21) 348 922 (7) (5) 269 (3) 8 1,594 (1,720) (126) Equity at June 30, 2009 246 (91) 734 4,030 (15) (29) 516 (4) (177) 5,210 90 5,300
Cumulative shar e Cumulative reserve of profit (loss) for exchange of investments Equity Equity Cash flow differences on Available-for- Actuarial accounted for attributable to attributable to Capital Treasury Capital Earnings hedge translating sale financial gains using the ow ners non-controlling Total € in millions stock stock reserves reserves reserve foreign operations assets reserve (losses) equity method of the Parent interests equity Equity at January 1, 2010 246 (112) 734 3,912 (15) (36) 614 0 (38) 5,305 85 5,390 Stock-based compensation 5 5 1 6 Purchases of treasury stock (22) (22) 0 (22) Dividends distributed (68) (68) (1) (69) Total comprehensive income 25 6 67 214 (2) 296 606 6 612 Effect of ow nership percentage change in C&W Group (2) (2) 2 0 Other changes 7 7 (14) (7) Total changes 0 (22) 0 (33) 6 67 214 (2) 296 526 (6) 520 Equity at June 30, 2010 246 (134) 734 3,879 (9) 31 828 (2) 258 5,831 79 5,910 Note 21 21 21 21 21 21 21 21 21 21
(a) The EXOR capital stock increase to service the exchange of the shares of the merged company IFIL was recognized at the fair value of the 73,809,496 ordinary shares and 9,168,894 savings shares issued, respectively equal to € 5.36 and € 3.86 corresponding to the opening stock market prices on March 2, 2009, the first day of market trading of these shares. Of the total of € 431 million, € 83 million was allocated to capital stock, corresponding to the par value, and € 348 million to additional paid-in capital. (b) Non-controlling interests at December 31, 2008 amounted to € 1,810 million, of which € 1,706 million represented the non-controlling interests of the IFIL Group. The difference of € 1,275 million between that amount and the fair value of the EXOR capital increase described above (€ 431 million) was allocated to owners of the Parent and then entries were made to eliminate the share of the reserves regarding cash flow hedges (-€ 1 million), exchange differences on translating foreign operations (-€ 10 million), changes in fair value of available-for-sale financial assets (+€ 102 million) and the share of comprehensive income of the investments consolidated using the equity method (-€ 80 million) previously recorded in the consolidated financial statements of the IFIL Group.
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EXOR GROUP CONSOLIDATED STATEMENT OF CASH FLOWS
€ in millions 6/30/2010 6/30/2009 CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES Consolidated profit (loss) 14 (279) Elimination of income and expenses not affecting cash: Share of the profit (loss) of investments accounted for by the equity method (24) 172 Depreciation, amortization, impairments and accruals 54 90 (Losses) gains on disposals, net (1) 17 Other (income) expenses (6) 11 Current and deferred income taxes (6) (20) Dividends received from investments 122 40 Income taxes paid (12) (12) Change in working capital (98) (137) NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES 43 (118) CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES Purchases of property, plant and equipment and intangible assets (46) (28) Proceeds from disposal of property, plant and equipment and intangible assets 0 4 Other investments in non-current financial assets made by EXOR and companies in the Holdings System (86) (a) (3) Other investments in current financial assets made by EXOR and companies in the Holdings System (236) (339) Disposal of Intesa Sanpaolo shares 90 96 Proceeds from disposals of non-current financial assets 2 3 Change in the scope of consolidation 0 1 Other cash flows from (used in) divestiture (investment) transactions 23 (3) CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES (253) (269) CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Dividends distributed by EXOR (68) (82) Dividends paid by consolidated companies to non-controlling interests (1) (2) Net purchases of treasury stock (25) (18) Expenses connected with the merger of IFIL 0 (17) New loans secured 170 198 Loans repaid (113) (130) Net effect of securitization of Alpitour Group trade receivables 0 15 Other flows from (used in) financing activities (12) 4 CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES (49) (32) EFFECT OF CHANGE IN FOREIGN CURRENCIES 5 2 CHANGE IN CASH AND CASH EQUIVALENTS (254) (417) CASH AND CASH EQUIVALENTS, AT START OF PERIOD 630 973 CASH AND CASH EQUIVALENTS, AT END OF PERIOD 376 556 CHANGE IN CASH AND CASH EQUIVALENTS (254) (417)
(a) Of which € 67 million is for the subscription of bonds, € 10 million for the subscription of 63.75% of Almacantar capital stock, € 7 million for investments in NoCo B and € 2 million for the subscription of the Banijay Holding capital stock increase.
The composition of cash and cash equivalents is presented in Note 20.
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EXOR GROUP NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. General information on the activities of the Group EXOR S.p.A. is one of Europe’s leading investment companies and is controlled by Giovanni Agnelli e C. S.a.p.az. which holds 51.164% of capital stock and, in particular, 59.1% of ordinary capital stock, 39.24% of preferred capital stock and 12.36% of savings capital stock. EXOR S.p.A. is a corporation organized under the laws of the Republic of Italy; its head office is located in Turin, Italy, Corso Matteotti 26. Additional information is provided in the “EXOR Group Profile” in the interim management report.
2. Accounting policies used in the preparation of the half-year condensed consolidated financial statements The half-year condensed consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and adopted by the European Union, and with the provisions implementing art. 9 of Legislative Decree 38/2005. The designation IFRS also includes all valid International Accounting Standards (IAS), as well as all interpretations of the International Financial Reporting Interpretations Committee (IFRIC), formerly the Standing Interpretations Committee (SIC).
These half-year condensed consolidated financial statements have been prepared in accordance with IAS 34 – Interim Financial Reporting applying the same accounting principles and policies used in the preparation of the consolidated financial statements at December 31, 2009, to which reference can be made, other than those described in Note 9 “Adoption of new accounting standards, amendments and interpretations issued by the IASB”.
The half-year condensed consolidated financial statements of the EXOR Group are expressed in millions of Euro.
The functional currency of the Group is the Euro.
The half-year condensed consolidated financial statements have also been drawn up in accordance with the provisions contained in Consob Resolutions 15519 and 15520 and in Consob Communication 6064293 dated July 28, 2006, pursuant to art. 9, paragraph 3, of Legislative Decree 38 dated February 28, 2005.
Pending possible amendments to IAS 27 proposed in Exposure Draft ED 10 “Consolidated Financial Statements” that should definitively clarify the criteria that will permit a verification of the presence of de facto control in accordance with IAS 27, the EXOR Group has continued to exclude the Fiat Group, in which it has a 30.45% holding in ordinary capital stock, from line-by-line consolidation, consistently with the method followed for the first-time adoption of IFRS and the preparation of the annual and half-year consolidated financial statements of 2005 and thereafter. Nevertheless, in light of the probable issue of the amended principle by the end of 2010, which should require the obligation to consolidate the Fiat Group using the line-by-line consolidation method, EXOR has commenced a series of activities to prepare for such consolidation starting from the annual 2010 financial statements. As in the past, in order to provide more meaningful disclosure, Note 31 presents consolidated pro-forma data as if the Fiat Group had been consolidated line-by-line.
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3. Use of estimates The preparation of half-year condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and disclosure of contingent assets and liabilities at the date of these financial statements. If in the future such estimates and assumptions, which are based on the best judgment of the Group companies' management at the date of the interim financial statements, differ from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the period in which the circumstances change. Some valuation procedures, in particular those of a more complex nature such as the determination of any impairment losses or reversals of fixed assets and the fair value of unlisted financial investments, are generally only carried out in their entirety during the preparation of the annual consolidated financial statements, when all the required information is available, except in the event of indications of an impairment which require an immediate assessment.
Similarly, actuarial valuations that are required for the determination of employee benefit provisions are also usually only carried out during the preparation of the annual consolidated financial statements.
Income taxes are recognized based upon the best estimate of the weighted average income tax rate expected for the full financial year.
4. Formats of the half-year condensed consolidated financial statements The formats of the income statement, statement of comprehensive income, statement of financial position, statement of changes in equity and statement of cash flows are the same as those used for the consolidated financial statements at December 31, 2009.
Moreover, the effects of related party transactions are not significant and, consequently, are not presented separately in the consolidated financial statement formats. They are, however, summarized and commented in Note 29.
5. Content of the notes The notes include only the effect of those events and transactions considered relevant to an understanding of the changes in the statement of financial position and cash flows and the operations of the Group for the first half of the current year. Accordingly, these notes do not disclose updates that are not considered relevant to the information which has already been disclosed in the notes to the most recent annual consolidated financial statements, ended December 31, 2009.
6. Unusual and/or atypical transactions and significant non-recurring events and transactions and related party transactions Pursuant to Consob Communication 6064293 dated July 28, 2006, during the first half of 2010, there are no unusual and/or atypical transactions, also on the basis of information received from the companies of the Group, which are required to be disclosed as defined by that Communication. Significant non-recurring transactions are disclosed in Note 12.
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7. Seasonality of transactions The earnings of EXOR S.p.A. and the subsidiary EXOR S.A. are normally affected by the concentration of dividends received from investee companies in the first half, while the most important costs and expenses are distributed on a homogeneous basis over the course of the entire year; however, investment or disposal transactions, if any, may have a material effect on the income statement and balance sheet when realized. In order to properly evaluate the half-year consolidated result, it should be noted that seasonal factors also have a strong impact on the transactions of C&W Group, the Alpitour Group and Juventus Football Club. In particular:
- C&W Group A significant portion of C&W Group's revenues is seasonal. This seasonality causes a considerable increase in results in the second half of the year, particularly in the last quarter of each year. This concentration is due to an industry-wide focus on completing transactions toward the calendar year-end. For C&W Group, this has historically resulted in lower profits or a loss in the first and second quarters, with profits growing or losses decreasing in each subsequent quarter.
- Alpitour Group The high degree of seasonality which characterizes the tourism sector has a significant effect on results during the course of the year. One-third of annual sales is generally realized in the first half (the winter season, from November to April) and two-thirds in the second six months (the summer season, from May to October), mostly concentrated in July and August which are the months with the highest margins. Consequently, the result for the first half of the year is negatively impacted by the seasonal trend of revenues and also by some significant costs (typically lease payments for hotel structures and aircraft and depreciation charges) that are recognized in the income statement on a straight-line basis.
- Juventus Football Club The financial year of Juventus Football Club does not coincide with the calendar year but covers the period July 1 – June 30 which corresponds to the soccer season. Economic performance is characterized by a high degree of seasonality, typical of the sector, determined by the calendar of sports events (on the basis of which the most important revenue items are recognized) and the players' transfer campaign, which is conducted in July and August (first phase) and in January (second phase) which can have a significant impact on the income statement and the balance sheet. The main cost items unrelated to individual sports events (such as compensation and amortization of the players) are instead recognized in the income statement on a straight-line basis.
8. Significant investments and business disposals or in the process of disposal in the first half
In the first half of 2010, there were no significant changes in the scope of consolidation of the EXOR Group.
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9. Adoption of new accounting standards, amendments and interpretations issued by the IASB
Accounting standards, amendments and interpretations to standards adopted from January 1, 2010 The Group adopted the following standards, amendments and interpretations from January 1, 2010.
IFRS 3 (2008) – Business Combinations In accordance with the transitional provision of the Standard, the Group adopted IFRS 3 (revised in 2008) – Business Combinations, prospectively, to business combinations for which the acquisition date is on or after January 1, 2010. The main changes to IFRS 3 concern the accounting treatment of step acquisitions, to allow a choice for the measurement of the non-controlling interests in a partial acquisition either at fair value or at the non-controlling interest’s share of the fair value of the identifiable net assets of the acquiree, the recognition of acquisition-related costs as period expenses and the recognition at the acquisition date of any contingent consideration included in the arrangements.
Step acquisitions of a subsidiary In the case of step acquisitions IFRS 3 (2008) states that a business combination occurs only in respect of the transaction that gives one entity control of another. At that time, the identifiable net assets of the acquiree are measured at fair value and any non-controlling interest is measured either at fair value or at the non-controlling interest’s proportionate share of the fair value of the acquiree’s identifiable net assets (a method already permitted under the previous version of IFRS 3). An equity interest previously held in the acquiree and accounted for under IAS 39 – Financial Instruments: Recognition and Measurement, or under IAS 28 – Investments in Associates, or under IAS 31 – Interests in Joint Ventures is treated as if it were disposed of and acquired at fair value on the acquisition date. Accordingly, it is remeasured to its acquisition date fair value and any resulting gain or loss is recognized in profit or loss. Moreover, any changes in the value of the equity interest that were previously recognized in Other comprehensive income are reclassified from equity to profit or loss as if they had been disposed of. Goodwill, or the gain from a bargain purchase (in the case of negative goodwill), arising from an acquisition is measured as the consideration transferred to obtain control, plus the amount of non-controlling interest (using either option), plus the fair value of previously held non-controlling equity interest, less the fair value of the identifiable net assets of the acquiree.
Under the previous version of the standard, controlling interests achieved in stages was dealt with as a series of separate transactions with goodwill recognized as the sum of the goodwill arising on the separate transactions.
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Acquisition related costs Under IFRS 3 (2008) acquisition-related costs are recognized as expenses in the periods in which the costs are incurred. Under the previous version of the Standard, these costs were included in the acquisition cost of the net assets of the acquired entity.
Recognition of contingent consideration Under IFRS 3 (2008) contingent consideration is recognized as part of the consideration transferred in exchange for the acquiree net assets, measured at its acquisition date fair value. Similarly, where the purchase agreement includes a right to the return of previously- transferred consideration if specified conditions are met, that right to return is classified as an asset by the acquirer. Subsequent changes in this fair value are recognized as adjustments against original accounting for the acquisition if they are the result of the acquirer obtaining additional information and occur within 12 months from the acquisition date. All other changes in the fair value of the contingent consideration are recognized in profit or loss. Under the previous version of the Standard, contingent considerations were recognized at the acquisition date only if their payment was probable and it could be measured reliably. Any subsequent adjustments to the contingent consideration were recognized against goodwill. The Group’s future results may be affected by the impairment of the goodwill recognized in addition to that which would have been recognized under the previous Standard and by potential changes in the financial liability recognized for the contingent consideration.
IAS 27 (2008) – Consolidated and Separate Financial Statements The revisions to IAS 27 principally affect the accounting for transactions and events that result in a change in the Group’s interest in its subsidiaries and the attribution of a subsidiary’s losses to non-controlling interests. IAS 27 (2008) specifies that once control has been obtained, further transactions whereby the parent entity acquires additional equity interests from non-controlling interests, or disposes of equity interests without losing control are transaction with owners and therefore shall be accounted for as equity transactions. It follows that the carrying amounts of the controlling and non-controlling interests must be adjusted to reflect the changes in their relative interests in the subsidiary and any difference between the amount by which the non-controlling interest is adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the owners of the parent. There is no consequential adjustment to the carrying amount of goodwill and no gain or loss is recognized in profit or loss. Costs associated with these transactions are recognized in equity in accordance with IAS 32 paragraph 35.
Standards, amendments and interpretations effective from January 1, 2010 but not applicable to the Group The following amendments, improvements and interpretations have also been issued and are effective from January 1, 2010; these relate to matters that were not applicable to the Group at the date of these half-year condensed financial statements but which may affect the accounting for future transactions or arrangements:
- Improvement to IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations. - Amendments to IAS 28 – Investments in Associates and to IAS 31 – Interests in Joint Ventures consequential to the amendment to IAS 27. - Improvements to IAS/IFRS (2009). - Amendments to IFRS 2 – Share-based Payment: Group Cash-settled Share-based Payment Transactions. - IFRIC 17 – Distributions of Non-cash Assets to Owners.
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- IFRIC 18 – Transfers of Assets from Customers. - Amendment to IAS 39 – Financial Instruments: Recognition and Measurement: Eligible Hedged items.
Accounting standards, amendments and interpretations not yet applicable and not early adopted by the Group On October 8, 2009, the IASB issued an amendment to IAS 32 – Financial Instruments: presentation, classification of rights issues in order to address the accounting for rights issues (rights, options or warrants) that are denominated in a currency other than the functional currency of the issuer. Previously such rights issues were accounted for as derivative liabilities. However, the amendment requires that, provided certain conditions are met, such rights issues are classified as equity regardless of the currency in which the exercise price is denominated. The amendment is applicable retrospectively from January 1, 2011. The adoption of this amendment is not expected to have any effect on the financial statements of the Group.
On November 4, 2009, the IASB issued a revised version of IAS 24 - Related Party Disclosures that simplifies the disclosure requirements for government-related entities and clarifies the definition of a related party. The revised standard is effective for annual periods beginning on or after January 1, 2011.
On November 12, 2009, the IASB issued a new standard IFRS 9 – Financial Instruments on the classification and measurement of financial assets, having an effective date for mandatory adoption of January 1, 2013. The new standard represents the completion of the first part of a project to replace IAS 39. The new standard uses a single approach to determine whether a financial asset is measured at amortized cost or fair value, replacing the many different rules in IAS 39. The approach in IFRS 9 is based on how an entity manages its financial instruments and the contractual cash flow characteristics of the financial assets. IFRS 9 also requires a single impairment method to be used. The new standard had not yet been endorsed by the European Union at the date of these half-year condensed financial statements.
On November 26, 2009, the IASB issued a minor amendment to IFRIC 14 - Prepayments of a Minimum Funding Requirement. The amendment applies when an entity is subject to minimum funding requirements and makes an early payment of contributions to cover those requirements. The amendment permits such an entity to treat the benefit of such an early payment as an asset. The amendment has an effective date for mandatory adoption of January 1, 2011.
On November 26, 2009, the IFRIC issued the interpretation IFRIC 19 – Extinguishing Financial Liabilities with Equity Instruments that provides guidance on how to account for the extinguishment of a financial liability by the issue of equity instruments. The interpretation clarifies that when an entity renegotiates the terms of a financial liability with its creditor and the creditor agrees to accept the entity’s shares or other equity instruments to settle the financial liability fully or partially, then the entity’s equity instruments issued to a creditor are part of the consideration paid to extinguish the financial liability and are measured at their fair value. The difference between the carrying amount of the financial liability extinguished and the initial measurement amount of the equity instruments issued is included in the profit or loss for the period. The interpretation has an effective date for mandatory adoption of January 1, 2011. On May 6, 2010 the IASB issued a set of amendments to IFRSs (“Improvements to IFRSs”) that are applicable from January 1, 2011; set out below are those that will lead to changes in the presentation, recognition or measurement of financial statement items, excluding those that only regard changes in terminology or editorial changes having a limited accounting effect and those that affect standards or interpretations that are not applicable to the Group:
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- IFRS 3 (2008) – Business combinations: this amendment clarifies that the components of non-controlling interests that do not entitle their holders to a proportionate share of the entity’s net assets must be measured at fair value or as required by the applicable accounting standards. For example, therefore, stock options granted to employees must be measured in accordance with the requirements of IFRS 2 in the case of a business combination, while the equity portion of a convertible debt instrument must be measure in accordance with IAS 32. In addition, the Board goes into further detail on the question of share-based payment plans that are replaced as part of a business combination by adding specific guidance to clarify the accounting treatment. - IFRS 7 – Financial instruments: disclosures: this amendment emphasizes the interaction between the qualitative and quantitative disclosures required by the standard concerning the nature and extent of risks arising from financial instruments. This should assist users of financial statements to link related disclosures and hence form an overall picture of the nature and extent of risks arising from financial statements. In addition, the disclosure requirement concerning financial assets that are past due or impaired but whose terms have been renegotiated, and that relating to the fair value of collateral, have been eliminated. - IAS 1 – Presentation of Financial Statements: the amendment requires the reconciliation in the changes of each component of equity to be presented in the notes or in the primary statements. - IAS 34 – Interim Financial Reporting: by using a series of examples certain clarifications are provided concerning the additional disclosures that must be presented in interim financial reports.
At the date of these half-year condensed financial statements the competent bodies of the European Union had not yet completed their endorsement process for the above improvements.
10. Risk management During the course of the first half of 2010, there were no significant changes in policy. For additional information, reference should be made to Note 37 of the EXOR Group consolidated financial statements at December 31, 2009.
11. Segment information The EXOR Group presents information by business segment which coincides with the consolidated data of each subsidiary and associate holding company, each of which represents an investment in a major business segment: C&W Group, Alpitour Group, Juventus Football Club, Fiat Group, Sequana Group and the EXOR Holdings System. Segment information is presented on the basis of IFRS 8. The segment information relating to continuing operations is presented in the following tables. For an analysis of the performance of the various segments, please refer to the section “Review of Performance by the Main Operating Subsidiaries and Associates” in the interim management report.
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The income statement by operating segment is as follows:
C&W Alpitour Fiat Sequana EXOR € in millions Group Group Juventus Group Group Holdings System Total Half I 2010 Revenues 565 370 101 (1) 1,035 Operating profit (loss) (23) (30) (14) (16) (83) Financial income (expenses) (8) (1) (1) 77 67 Income taxes 12 6 (4) (8) 6 Profit (loss) of companies consolidated line-by-line (19) (25) (19) 53 (10) Share of the profit (loss) of investments accounted for by the equity method 0 0 0 22 2 0 24 Profit (loss) from discontinued operations or assets held for sale 0 0 0 0 0 Profit (loss) attributable to: (19) (25) (19) 22 2 53 14 owners of the Parent (15) (26) (11) 22 2 53 25 non-controlling interests (4) 1 (8) 0 (11)
C&W Alpitour Fiat Sequana EXOR € in millions Group Group Juventus Group Group Holdings System Total Half I 2009 Revenues 477 344 111 1 933 Operating profit (loss) (70) (43) (4) (31) (148) Financial income (expenses) (10) (2) 0 33 21 Income taxes 19 11 (4) (6) 20 Profit (loss) of companies consolidated line-by-line (61) (34) (8) (4) (107) Share of the profit (loss) of investments accounted for by the equity method (1) 1 (167) (5) (172) Profit (loss) from discontinued operations or assets held for sale 0 Profit (loss) attributable to: (62) (33) (8) (167) (5) (4) (279) owners of the Parent (47) (34) (5) (167) (5) (4) (262) non-controlling interests (15) 1 (3) (17)
Segment assets are as follows:
C&W Alpitour Fiat Sequana EXOR Holdings € in millions Group Group Juventus Group Group System Total Half I 2010 Assets Investments accounted for by the equity method 0 0 0 3,307 205 0 3,512 Other assets 1,242 333 293 2,817 4,685 Total assets 1,242 333 293 3,307 205 2,817 8,197 Liabilities and equity 1,242 333 293 6,329 8,197 Investments in property, plant and equipment and intangible assets (7) (8) (31) 0 (46) Depreciation and amortization (22) (8) (18) 0 (48) Cash flows Cash flows from operating activities (23) (80) 27 119 43 Cash flows from investing activities (7) (8) (31) (207) (253) Cash flows from financing activities 8 30 15 (102) (49)
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C&W Alpitour Fiat Sequana EXOR Holdings € in millions Group Group Juventus Group Group System Total Half I 2009 Assets Investments accounted for by the equity method 0 1 0 2,986 184 0 3,171 Other assets 1,129 332 281 2,546 4,288 Assets held for sale 2 3 5 Total assets 1,129 335 284 2,986 184 2,546 7,464 Liabilities and equity 1,129 335 284 2,986 184 2,546 7,464 Investments in property, plant and equipment and intangible assets (6) (9) (13) (28) Depreciation and amortization (22) (8) (15) (1) (46) Impairment losses on assets (7) (2) (3) (10) (22) Cash flows Cash flows from operating activities (73) (76) 23 8 (118) Cash flows from investing activities (5) (9) (9) (246) (269) Cash flows from financing activities 54 47 (69) 32
12. Non-recurring other income (expenses) In the first half of 2010, net non-recurring other expenses, totaling € 9 million, comprise: - expenses associated with the C&W Group restructuring plan for € 1 million and expenses arising from the liability relating to the Minority Shareholders Agreement of C&W Group, determined by the change in the price of C&W Group shares, for € 3 million; - expenses incurred for assistance in the proceedings relating to the content of the press releases issued by IFIL and Giovanni Agnelli e C. on August 24, 2005 (€ 1 million); - expenses incurred by the Alpitour Group (totaling € 2 million) for the early withdrawal from the rent contract relating to the Italian hotel structure at Capo Boi and expenses incurred for the implementation of the rationalization and reorganization plans to reduce and contain labor costs; - expenses connected with the investment project evaluations for € 1 million; - other legal and sundry expenses for € 1 million.
In the first half of 2009, net non-recurring other expenses amounted to € 16 million and included: - expenses associated with the C&W Group restructuring plan (€ 11 million); - income accrued by the Alpitour Group on the recognition of a receivable for settlement from the insurance company relating to the “Lady Cristina” cruise ship (€ 2 million); - net other expenses (€ 7 million).
In the first half of 2009, impairment losses on assets amounted to € 22 million and included: - goodwill recognized on the acquisition of C&W Group for € 17 million; - video archives of Juventus Football Club for € 3 million; - net carrying amount of € 2 million on the “Lady Christina” cruise ship owned by the Alpitour Group which was destroyed by a fire in December 2008.
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13. Financial income (expenses) Details of the composition of financial income (expenses) are as follows:
€ in millions Half I 2010 Half I 2009 Change Gain (loss) on disposal of stake in Intesa Sanpaolo (a) 1 (17) 18 Other financial income (expenses) Income on current securities and cash and cash equivalents 55 18 37 Net gain on exchange rate and interest rate hedging transactions (5) (2) (3) Exchange differences 9 (4) 13 Interest expenses on loan transactions (30) (35) 5 Commissions for unused credit lines (1) (1) 0 Dividends from investments 50 (b) 40 (c) 10 Interest income on other financial assets 1 5 (4) Changes in the fair value of financial assets and liabilities (14) (d) 17 (d) (31) Other financial income (expenses) 1 0 1 Total other financial income (expenses) 66 38 28 Financial income (expenses) 67 21 46
(a) Disposal of a 0.25% stake in ordinary capital stock (0.32% of ordinary capital stock in the first half of 2009). (b) Received from SGS for € 49 million and Intesa Sanpaolo for € 1 million. (c) Received from SGS for € 38 million and Gruppo Banca Leonardo for € 2 million. (d) Includes the positive fair value adjustment of € 1.6 million on the bonds issued by DLMD (negative adjustment for € 11 million in the first half of 2009).
14. Share of the profit (loss) of investments accounted for by the equity method Details are as follows:
€ in millions Half I 2010 Half I 2009 Change FIAT Group (a) 22 (167) 189 Sequana Group 2 (5) 7 Sundry Alpitour Group companies 0 (1) 1 Sundry C&W Group companies 0 1 (1) Total 24 (172) 196
(a) Includes a positive consolidation adjustment of € 3 million (unchanged compared to the first half of 2009).
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15. Earnings per share
Year 2009 Half I 2010 Half I 2009 158,861,096 Average number of ordinary shares outstanding number 157,456,496 135,256,575 9,058,702 Average number of savings shares outstanding number 8,951,184 6,094,996 70,641,243 Average number of preferred shares outstanding number 69,557,160 71,326,160 (389) Net earnings attributable to owners of the Parent € in ml 25 (262) (263) Earnings attributable to ordinary shares € in ml 14 (170) (1.66) per ordinary share – basic € 0.09 (1.26) (1.66) per ordinary share – diluted (a) € 0.09 (1.25) (12) Earnings attributable to savings shares € in ml 1 (6) (1.35) per savings share – basic € 0.17 (0.95) (1.35) per savings share – diluted (a) € 0.17 (0.94) (114) Earnings attributable to preferred shares € in ml 10 (86) (1.61) per preferred share – basic € 0.14 (1.21) (1.61) per preferred share – diluted (a) € 0.14 (1.20) (389) Earnings from continuing operations € in ml 25 (262) Earnings from continuing operations attributable (263) to ordinary shares € in ml 14 (170) (1.66) per ordinary share – basic € 0.09 (1.26) (1.66) per ordinary share – diluted (a) € 0.09 (1.25) Earnings from continuing operations attributable (12) to savings shares € in ml 1 (6) (1.35) per savings share – basic € 0.17 (0.95) (1.35) per savings share – diluted (a) € 0.17 (0.94) Earnings from continuing operations attributable (114) to preferred shares € in ml 10 (86) (1.61) per preferred share – basic € 0.14 (1.21) (1.61) per preferred share – diluted (a) € 0.14 (1.20)
(a) In the first half of 2009, the earnings attributable to owners of the Parent have been adjusted to take into account the dilutive effects arising from the theoretical exercise of the stock option plans granted by the subsidiaries and associates of the group using their own equity instruments.
In 2009 and in the first half of 2010, this effect is not taken into account because it is considered non-dilutive or nil.
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16. Goodwill and other intangible assets The composition of goodwill is as follows:
€ in millions 6/30/2010 12/31/2009 Change Goodwill on the acquisition of C&W Group (Group's share) 332 285 47 (a) Goodwill on other companies of C&W Group 61 53 8 C&W Group 393 338 55 Jumboturismo S.A. 11 11 0 Altamarea V&H Compagnia Alberghiera S.p.A. 8 8 0 Viaggidea S.p.A. 6 6 0 AW Events S.r.l. 2 2 0 Alpitour Group 27 27 0 Net goodwill 420 365 55
(a) Of which +€ 49 million for exchange differences and -€ 2 million for the change in the percentage of consolidation.
C&W Group and Alpitour test goodwill and other intangible assets with indefinite useful lives annually for impairment or whenever events or circumstances indicate that the asset may be impaired. At June 30, 2010, there were no indications of an impairment in goodwill or in other intangible assets and therefore such assets have not been tested for impairment.
The composition of other intangible assets is the following:
€ in millions 6/30/2010 12/31/2009 Change Concessions, licenses and trademarks 242 211 31 (a) Players' registration rights 99 115 (16) (b) Other intangible assets 143 133 10 (a) Net carrying amount of intangible assets 484 459 25
(a) Change due mostly to exchange differences. (b) Change due to amortization charges in the first half.
17. Property, plant and equipment The changes in property, plant and equipment are as follows:
€ in millions Balance at December 31, 2009 198 Increases 39 Decreases (1) Depreciation (14) Impairment losses 0 Exchange differences and other changes 7 Total changes 31 Balance at June 30, 2010 229
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Increases in property, plant and equipment, totaling € 39 million, include: - costs to renovate furnishings and install winglets on the B767 aircraft of the Alpitour Group’s Aviation sector (€ 5 million); - other costs incurred by the Alpitour Group, totaling € 2 million, for improvements and to meet standards in Italian hotel structures, costs to furnish and renovate the Distribution sector’s points of sale and office improvements and restructuring of the Incoming sector; - costs incurred by Juventus Football Club for the construction of the new stadium (€ 29 million); - other investments (€ 3 million) made mainly by C&W Group.
18. Investments accounted for by the equity method Details are as follows:
6/30/2010 12/31/2009 % of Ca r r ying % of Carrying € in millions consolidation amount consolidation amount Change FIAT Group 29.59 3,307 29.59 3,057 250 Sequana Group 26.79 205 26.84 198 7 3,512 3,255 257
The analysis of the changes during the first half is as follows:
€ in millions 6/30/2010 12/31/2009 Change Opening balance 3,255 3,253 2 EXOR's share of the changes in equity of the investments accounted for by the equity method: - profit (loss) (Note 14) 24 (244) 268 - translation differences 348 145 203 - dividends distributed (75) (7) (68) - fair value changes, cash flow hedges, actuarial gains (losses), share-based payments, recognized directly in equity (124) (24) (100) - transfer of fair value from cash flow hedges to income statement 72 101 (29) -other movements 12 31 (19) Total changes 257 2 255 Closing balance 3,512 3,255 257
Highlights of the Fiat Group are presented below (see also Note 31).
Fia t Gr oup € in millions 6/30/2010 12/31/2009 Total assets 73,475 67,235 Current and non-current liabilities 61,402 56,120 Revenues 27,762 50,102 Consolidated profit (loss) 92 (848) of which, attributable to the EXOR Group 19 (248) Net financial position (2,400) (3,217) Fair value of interest held by the EXOR Group based on stock trading prices at the end of June 3,010 3,613
The carrying amount of the investment in the Fiat Group includes goodwill for € 33 million. The goodwill included in the half-year condensed consolidated financial statements of the Fiat Group at June 30, 2010 totals € 3,087 million (€ 2,776 million at December 31, 2009).
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Highlights of the Sequana Group are presented below.
Sequana Group € in millions 6/30/2010 12/31/2009 Total assets 3,061 2,875 Current and non-current liabilities 2,295 2,133 Revenues 2,144 4,088 Consolidated profit (loss) 6 19 of which, attributable to the EXOR Group 2 5 Net debt 670 651 Fair value of interest held by the EXOR Group based on stock trading prices at the end of June 132 105
The carrying amount of the investment in the Sequana Group does not include goodwill. The goodwill included in the half-year condensed consolidated financial statements of the Sequana Group totals € 642 million at June 30, 2010 (€ 635 million at December 31, 2009).
19. Financial assets The composition of financial assets is as follows:
€ in millions 6/30/2010 12/31/2009 Change Non-current financial assets 1,782 1,540 242 Current financial assets 813 608 205 Total financial assets 2,595 2,148 447
Details are as follows: Non-current financial assets Current financial assets € in millions 6/30/2010 % held 12/31/2009 % held 6/30/2010 12/31/2009 Investments at fair value SGS S.A. 1,292 15.00% 1,068 15.00% 0 0 Gruppo Banca Leonardo S.p.A. 57 9.71% 85 9.74% 0 0 Banijay Holding S.A.S. 35 17.09% 34 17.08% 0 0 Intesa Sanpaolo S.p.A. 22 0.09% 127 0.34% 0 0 NoCo A LP (a) 20 2.00% 19 1.96% 0 0 Almacantar S.A. 10 63.75% 0 0 0 Other investments at fair value 4 4 0 0 Total 1,440 1,337 0 0 Other investments at fair value NoCo B LP Fund 39 26 0 0 Real estate fund shares 10 10 0 0 DLMD bonds 9 6 0 0 58 42 0 0 Other investments at amortized cost Other bonds 192 87 0 0 Perfect Vision convertible bonds 81 67 0 0 273 154 0 0 Other financial assets at fair value Security deposits 7 5 0 0 Bonds 0 0 546 555 Equity shares 0 0 247 46 7 5 793 601 Other financial assets and financial receivables Financial receivables and other financial assets 4 1 20 6 Derivative financial instruments 0 1 0 1 4 2 20 7 Total other investments and other financial assets 342 203 813 608
Total 1,782 1,540 813 608
(a) The carrying amount includes goodwill of € 5 million originating from the acquisition of 100% of the capital stock of Ancom USA Inc by the subsidiary EXOR S.A. in 2007.
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The investment in SGS is measured at fair value (with recognition of the unrealized gains in equity) on the basis of the trading price at June 30, 2010 equal to CHF 1,462 per share (corresponding to € 1,100.7 at the CHF/Euro exchange rate of 1.3283) for a total of € 1,292 million. The original carrying amount of the investment in SGS is € 400.31 million (CHF 593.9) per share, for a total of € 470 million. At June 30, 2010, the net positive fair value adjustment (CHF 930.27 equal to € 700.35 per share) amounts to a total of € 822 million.
The investments in Gruppo Banca Leonardo and Banijay Holding are measured at fair value on the basis of an estimate determined by an independent expert at December 31, 2009. These investments were not measured at June 30, 2010.
The investment in Intesa Sanpaolo (€ 22 million) is measured at fair value on the basis of the stock market price at June 30, 2010 (€ 2.174 per share) with recognition of unrealized gains/losses in equity (-€ 8 million). The original purchase cost of the remaining stake held (approximately 0.09% of ordinary capital stock) is € 2.98 per share, for a total of € 30 million. At June 30, 2010, the negative fair value adjustment recorded in equity amounts to € 8 million. This 27% reduction in value compared to the original cost is not considered evidence of an impairment at June 30, 2010.
The investment in Almacantar was acquired during the first half of 2010. The carrying amount of € 10 million corresponds to the capital increase subscribed to, of which the minimum by law was paid in (25%, or € 2 million). The remaining amount due (€ 8 million) is recorded in financial payables.
Non-current financial assets include: - Perfect Vision Limited convertible bonds, subscribed to by the subsidiary EXOR S.A. in 2008, yielding a fixed rate of 5% until conversion of the bonds in 2013, which will give EXOR S.A. a 40% equity stake in Vision Investment Management Limited. At June 30, 2010, the bond principal, measured at amortized cost, is € 81 million, inclusive of interest capitalized in the first half, while the fair value of the embedded derivative, measured on the basis of an estimate determined by an independent expert at December 31, 2009, is negative for € 38 million and is recorded in non-current financial payables. The adjustment to fair value will be carried out at year-end. At June 30, 2010, net positive exchange differences were recognized in the income statement for € 6 million, deriving from the measurement of the bonds at the period- end exchange rate, and interest income for € 2 million. - At June 30, 2010, EXOR S.A. holds bonds issued by DLMD for a nominal amount of € 27 million, of which € 12 million represents Senior bonds and € 15 million Junior bonds. At December 31, 2008, an impairment charge had been recognized on the entire nominal amount of Junior bonds. At December 31, 2009, further impairment charges had been recognized for a total of € 9 million, of which € 2 million related to accrued interest income capitalized on the Junior portion and € 7 million to the Senior portion, which was written down by an amount up to the market value at December 31, 2009 of the guarantee obtained. At June 30, 2010, further impairment charges were recorded relative to capitalized interest income for € 1 million, equal to the interest capitalized in the first half of 2010. The Senior portion that was not written down, equal to € 6 million, is guaranteed by EXOR S.A.'s portion of the 10,806,343 Sequana shares guaranteeing, by contract, DLMD's entire bond issue and measured at the stock market price at December 31, 2009. Following the agreement reached on July 21, 2010 between DLMD and EXOR S.A. for the definitive restructuring of the DLMD bonds, at June 30, 2010 an amount of € 0.2 million of additional interest income on the Senior portion was recorded and € 2 million was booked for the revaluation of EXOR’s remaining receivable to adjust the receivable to the fair value of the 790,190 Sequana shares transferred by DLMD to
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EXOR S.A. on July 30, 2010, equal to the July 29, 2010 market price (€ 10.90 per share, for a total of € 9 million). - bonds issued by leading issuers and classified under other held-to-maturity investments, measured at amortized cost.
Current financial assets include equity securities listed in major international markets and listed bonds with maturities of more than three months issued by leading financial institutions with high ratings and held by the Holdings System for € 793 million. Such securities, if held for trading, are measured at fair value on the basis of the market price at period-end, translated, if appropriate, at the period-end exchange rates, with recognition of the fair value in profit or loss; if held-to-maturity, they are measured at amortized cost. Derivative financial instruments are also used.
The analysis of changes during the first half of 2010 is as follows:
Non-current financial assets Current financial assets € in millions 6/30/2010 12/31/2009 6/30/2010 12/31/2009 Opening balance 1,540 1,413 608 350 Increases 131 123 594 779 Decreases (118) (242) (380) (521) Fair value recognized in equity 220 229 0 0 Reversal of cumulative fair value on the stake sold in the investment in Intesa Sanpaolo (6) 36 00 Fair value through profit or loss 2 (14) (9) 10 Exchange differences 14 (3) 0 0 Other changes and reclassifications (1) (2) 0 (10) Total changes 242 127 205 258 Closing balance 1,782 1,540 813 608
Non-current financial assets Increases in non-current financial assets (€ 131 million) refer to investments made by EXOR S.p.A. in bonds measured at amortized cost for € 67 million, investments made by the subsidiary EXOR S.A. for € 60 million and increases of the Alpitour Group for € 4 million.
Investments made by EXOR S.A. comprise: - bonds measured at amortized cost for € 38 million; - subscription to 63.75% of the capital stock and voting rights of the investment held in Almacantar for € 10 million: - investments in NoCo B for € 7 million and other investments for € 5 million relative to Banijay Holding, Perfect Vision convertible bonds and DLMD bonds.
The increases of the Alpitour Group mainly refer to an interest-earning deposit made to a supplier with respect to the signing of a marketing contract (€ 2 million) and the loan arising from the sale of the business relative to the Abi D’Oru hotel structure in 2009 (€ 2 million).
Decreases in non-current financial assets (€ 118 million) refer to: - sale of the 0.25% stake of Intesa Sanpaolo ordinary capital stock for € 89 million; - prorated reserves reimbursed by Gruppo Banca Leonardo to EXOR S.A. for € 27 million; - reimbursement from the Pimco Talf fund per € 1 million; - other decreases for € 1 million.
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At June 30, 2010, the € 105 million reduction in the investment in Intesa Sanpaolo is the result of the derecognition of the carrying amount (-€ 95 million) of the stake sold in January 2010 (0.25% of ordinary capital stock) and the adjustment of the remaining investment to fair value at the end of the period (-€ 10 million). The derecognition of the carrying amount of the stake sold (-€ 95 million) includes the ordinary purchase cost of € 89 million and the cumulative positive fair value of € 6 million.
The 40,000,000 call options on Intesa Sanpaolo shares sold that remained at December 31, 2009 were partly exercised by the counterparties (30,000,000), generating an additional gain of € 5 million. The remaining 10,000,000 options which were not exercised have produced income of € 2.7 million. In the first half of 2010, another 10,000,000 call options on Intesa Sanpaolo shares were sold for an equivalent amount of € 1.3 million. Such options were settled before the expiration date for € 0.7 million and a gain of € 0.6 million. Again in the first half of 2010, 50,000,000 put options on Intesa Sanpaolo shares were also sold for an equivalent amount of € 8.2 million. Such options, not yet expired at June 30, 2010, showed a net negative fair value of € 1.7 million recorded in other financial expenses.
The positive change in “fair value recognized in equity” (+€ 220 million) comprises the fair value adjustment at period-end of the investment in SGS (+€ 223 million), the remaining stake in Intesa Sanpaolo (-€ 10 million), the NoCo B fund (+€ 6 million) and other financial assets (+€ 1 million).
The change in fair value through profit or loss (+€ 2 million) refers to the net revaluation recognized on the bonds issued by DLMD.
Current financial assets Increases in current financial assets (€ 594 million) refer entirely to the Holdings System and include investments in securities and investments held for trading (€ 580 million), receivables for withholdings to be collected (€ 11 million) and other current financial assets (€ 3 million). Decreases in current financial assets are the result of the realization of investments in which a part of the liquidity was temporarily invested. The remaining balance of liquidity is included in “Cash and cash equivalents”.
The fair value of current securities is calculated using the market price at June 30, 2010.
20. Cash and cash equivalents
€ in millions 6/30/2010 12/31/2009 Change Cash and cash equivalents 376 630 (254) Bank overdrafts and bank borrowings 0 0 0 Net cash and cash equivalents 376 630 (254)
Cash and cash equivalents include demand or short-term deposits and readily negotiable money market instruments and bonds; such investments are allocated over an appropriate number of counterparts since the primary purpose is having investments which can be readily converted into cash. The counterparts are chosen according to their creditworthiness and reliability.
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21. Equity
Capital stock At June 30, 2010, the capital stock of EXOR, fully subscribed to and paid-in, amounts to € 246,229,850 and consists of 160,259,496 ordinary shares (65.09% of capital stock), 76,801,460 preferred shares (31.19% of capital stock) and 9,168,894 savings shares (3.72% of capital stock) all with a par value of € 1 each.
Capital stock includes € 1,342 thousand of transfers from the revaluation reserves appropriated in the past by the merged company IFIL which, in the event of distribution, will form part of the taxable income of the company.
The directors have the right, for a period of five years from the date of the resolution passed by the stockholders’ meeting held on May 14, 2008, to increase, one or more times, also in divisible form, the capital stock up to an amount of € 561,750,000. The ordinary and preferred shares are registered shares while the savings shares can either be registered or bearer shares, as elected by the stockholders, or as set out by law. The preferred shares have voting rights only for the resolutions set forth in art. 2365 of the Italian Civil Code and the second paragraph of art. 13 of the bylaws (regulations for conducting stockholders' meetings). The savings shares do not have voting rights in the stockholders' meetings. Pursuant to art. 146 of Legislative Decree 58/98, the savings shares have voting rights in the special stockholders' meetings of the holders of savings shares.
Pursuant to art. 27 of the bylaws, the profit of each year is appropriated as follows: - 5% to the legal reserve until it reaches one-fifth of capital stock; - the remaining profit to the shares, as dividends, unless otherwise resolved by the stockholders' meeting, in accordance with the applicable provisions, taking into account that, in the order of priority (i) the savings shares shall be entitled to a preference dividend, cumulative according to the following second paragraph, equal to 31.21% of their par value and a dividend higher than that of the ordinary shares equal to 7.81% of the same par value, and (ii) the preferred shares shall be entitled to a preference dividend and higher than that of the ordinary shares by 5.17% of their par value, which is not cumulative from one year to the next.
When, in any one year, the dividends attributed to the savings shares are lower than that indicated above, the difference shall be added to the preference dividend of the next two years. In the event the ordinary and/or savings shares are delisted, the preference dividend and the dividend higher than that of the ordinary shares to which the savings shares are entitled shall automatically be increased to the extent that they are equal to, respectively, 32.15% and 8.75%. In the event of the distribution of reserves, the savings shares shall have the same rights as the other shares. The board of directors, during the course of the year, to the extent that it considers it appropriate and possible in relation to the result of operations, may resolve to pay interim dividends on the dividends for the same year.
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In accordance with art. 28 of the bylaws, dividends that are not claimed within five years of the date they become payable will be statute-barred and becomes the property of the company and appropriated to the extraordinary reserve.
In accordance with art. 30 of the bylaws, in the event of a wind-up, the assets of the company shall be distributed in the following order of priority: - savings shares shall have a pre-emptive right up to the amount of € 3.78 per each savings share; - the holders of preferred shares shall have a pre-emptive right up to the par value of the same shares; - ordinary shares shall have up to the par value of the same shares; - all three classes of stock shall have any balance remaining in a proportional amount according to law.
The objectives identified by EXOR and the companies in the Holdings System are to create value for all stockholders, safeguard business continuity, diversify investments by sector and geography and support the growth of investment holdings.
EXOR thus aims to maintain an adequate level of capitalization which allows it to generate a satisfactory economic return for stockholders and guarantee economic access to external sources of financing. EXOR constantly monitors changes in the consolidated debt level of the Holdings System in relation to the current asset value of its investments and dividend flows from the operating holdings. Although currently insignificant, a very prudent approach is adopted with regard to the use of financial leveraging.
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Other comprehensive income The composition of “Other comprehensive income”:
€ in millions 6/30/2010 6/30/2009 Effective portion of gains (losses) on cash flow hedges arising during the period 4 (6) Effective portion of gains (losses) on cash flow hedges reclassified to income statement 2 0 Effective portion of gains (losses) on cash flow hedges 6 (6) Gains (Losses) on fair value of available-for-sale financial assets arising during the period 219 150 Gains (Losses) on fair value of available-for-sale financial assets reclassified to income statement (5) 17 Gains (Losses) on fair value of available-for-sale financial assets 214 167 Gains (Losses) on exchange differences on translating foreign operations arising during the period 82 9 Gains (Losses) on exchange differences on translating foreign operations reclassified to income statement 0 0 Gains (Losses) on exchange differences on translating foreign operations 82 9 Actuarial gains (losses) arising during the period (4) (5) Actuarial gains (losses) reclassified to income statement 0 0 Actuarial gains (losses) (4) (5) Share of exchange differences on translating, cash flow hedges, fair value, actuarial gains (losses) reclassified to the income statement 224 9 Share of exchange differences on translating, cash flow hedges, fair value, actuarial gains (losses) reclassified to the income statement 72 79 Share of other comprehensive income of investments accounted for by the equity method 296 88 Income taxes relating to other comprehensive income 4 0 Total other comprehensive income, net of tax 598 253
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Income taxes relating to Other comprehensive income are composed as follows:
6/30/2010 6/30/2009 Before Tax Before Tax tax benefit/ Net-of- tax benefit/ Net-of- € in millions amount (expense) tax amount (expense) tax Effective portion of Gains (Losses) on cash flow hedges 6 0 6 (6) 0 (6) Gains (Losses) on fair value of available-for- sale financial assets 214 0 214 167 0 167 Gains (Losses) on fair value of exchange differences on translating foreign operations 82 3 85 9 0 9 Actuarial gains (losses) (4) 1 (3) (5) 0 (5) Share of other comprehensive income of investments accounted for by the equity method 296 0 296 88 0 88 Total other comprehensive income 594 4 598 253 0 253
Treasury stock Under the treasury stock buyback Programs approved by the board of directors on March 25, 2009 (completed during the first quarter of 2010) and on May 11, 2010, in the first half of 2010, EXOR purchased 694,000 ordinary shares (0.43% of the class) at the average cost per share of € 12.41 for a total of € 8 million, 1,529,000 preferred shares (1.99% of the class) at the average cost per share of € 8.22 for a total of € 13 million, and also 78,237 savings shares (0.85% of the class) at the average cost per share of € 9,94 for a total of € 1 million. The total investments in the first half of 2010 amounted to € 22 million.
At June 30, 2010, EXOR S.p.A. holds the following treasury stock:
Number % of Carrying amount Class of stock of shares class Per share (€) Total (€ ml) Ordinary 3,244,000 2.02 11.78 38 Preferred 8,494,300 11.06 11.04 94 Savings 286,637 3.13 8.72 3 135
Dividends distributed Dividends distributed by EXOR S.p.A. in 2010 and 2009 referring to the years 2009 and 2008 are the following:
Number of shares Dividends distributed in 2010 Class of stock with dividend rights Per share (€) Total (€ ml) Ordinary 157,275,496 0.2700 43 Preferred 69,440,160 0.3217 22 Savings 8,949,094 0.3481 3 68
Number of shares Dividends distributed in 2009 Class of stock with dividend rights Per share (€) Total (€ ml) Ordinary 160,147,496 0.3190 52 Preferred 71,368,160 0.3707 26 Savings 9,155,694 0.4580 4 82
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Non-controlling interests Details are as follows:
6/30/2010 12/31/2009 Capital Capital and Profit and Profit € in millions reserves (Loss) Total reserves (Loss) Total C&W Group 40 (4) 36 52 (18) 34 Alpitour Group 4 1 5 3 2 5 Juventus Football Club S.p.A. 46 (8) 38 44 2 46 Total 90 (11) 79 99 (14) 85
Non-controlling interests of C&W Group At June 30, 2010, the C&W Group is owned 70.15% (74.82% of capital stock outstanding) by EXOR and 29.85% (25.18% of capital stock outstanding) by its employees (the Non-controlling shareholders or non-controlling interests). C&W Group has an agreement with the Non-controlling shareholders (the “Minority Shareholders Agreement” or “MSA”) which outlines all the rights and obligations of C&W Group and the Non-controlling Shareholders with respect to the ownership of the minority shares.
According to IFRS 2 – Share-based payment, applicable in the circumstance, since the shares come from stock option plans, the Non-controlling shares constitute a compound financial instrument comprising a liability component and an equity component. To value the liability component, C&W Group estimated, based on historical employment attrition rates and related actual expected stock repurchases, the extent to which the Non- controlling Shareholders would cease to be employees or independent contractors of C&W Group and, therefore, exercise their Put Rights before the occurrence of an IPO or sale of C&W Group by EXOR.
At June 30, 2010, the liability was estimated to be $38.1 million (€ 31 million) and at December 31, 2009 $47 million (€ 33 million); the estimates take into account the most recent appraised value available of C&W Group shares. At June 30, 2010, $12 million (€ 9.8 million) and at December 31, 2009, $12 million (€ 8 million) was recorded within other current liabilities, which represents the expected cash outflow for Non-controlling share repurchases in 2010. The balance of the liability of $26.1 million, (€ 21.3 million) and at December 31, 2009, $35 million (€ 25 million) was recorded within other non-current liabilities.
The change in the liability is detailed as follows:
$ in millions € in millions Balance at December 31, 2009 47 33 Used to purchase shares (13) (10) Other changes 1 1 Income statement adjustment 3 3 Exchange differences 4 Balance at June 30, 2010 38 31
Moreover, having recorded a part of the equity attributable to the Non-controlling shareholders of C&W Group, the number of C&W Group shares to be considered as equity outstanding is lower. For this reason, EXOR has consolidated C&W Group on the basis of an ownership percentage equal to 78.4009%. Such percentage is calculated as a percentage of the number of C&W Group shares held by EXOR (511,015) to the capital issued by C&W Group (728,476) net of treasury stock held (45,502) and net of the shares currently held by the Non-controlling Shareholders which are estimated will be purchased by C&W Group according to the agreements outlined above (31,177).
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22. Stock option plans Stock option plans with underlying EXOR stock The ordinary session of the IFIL stockholders' meeting held on May 13, 2008 had approved the stock option plan IFIL 2008-2019 for the chief executive officer, Carlo Barel di Sant’Albano, for 3,000,000 stock options corresponding to the same number of IFIL ordinary shares and for the employees of the IFIL Group (IFIL S.p.A. and the companies in the Holdings System) who are or will be regarded as key people in the organization on the basis of the positions held or activities performed, for a maximum of 12,000,000 stock options.
Following the merger, the stock option plan was taken over by EXOR S.p.A.. Therefore, the EXOR S.p.A. board of directors’ meeting held on March 2, 2009 made the adjustments to the stock option plan resulting from the merger, particularly adjusting the ratio between the number of options and the number of underlying shares and the exercise price on the basis of the merger's exchange ratio. The Stock Option Plan EXOR 2008-2019 thus covers a maximum number of 15,000,000 options corresponding to a maximum of 3,975,000 EXOR ordinary shares. During the first half of 2010, another 200,000 options were granted, corresponding to 53,000 EXOR shares, at the same conditions as those granted previously. At the end of the reporting period, a total of 9,725,000 options have been granted to 18 people, including the chief executive officer, corresponding, on the basis of the exchange ratio, to 2,563,875 EXOR ordinary shares, of which 50,000 options relative to a recipient who is no longer in the workforce were forfeited during the course of 2009. The plan grants the recipients free options on treasury stock purchased by the Company or by companies in the Holdings System in accordance with existing laws. The plan does not provide for the issue of new shares so there are no dilutive effects on capital stock. The treasury stock held by IFIL, including those to service the plan, was canceled and did not form part of the exchange ratio under the merger in accordance with the law. The ordinary session of the stockholders’ meeting held on April 29, 2010 approved a plan to purchase treasury stock of the three classes partly to service the above stock option plan.
The board of directors’ meeting held on May 11, 2010 approved an amendment to the stock option plan regulation which, at EXOR S.p.A.’s discretion, would allow options granted to recipients not to be forfeited in the case of the resolution of the employment relationship whenever the recipient maintains a steady collaboration or consulting relationship with the Company or with companies of the EXOR Group.
The fair value of the 9,725,000 options granted was determined to be € 15,583 thousand, divided as follows:
Number of Number of options EXOR shares Total Cost referring € in thousands granted exercisable cost to the first half Options granted originally: Chief Executive Officer, EXOR S.p.A. 3,000,000 795,000 4,807 300 Key employees, EXOR S.p.A. (14) 4,625,000 1,225,625 7,411 443 Total EXOR S.p.A. 7,625,000 2,020,625 12,218 743 Key employees of EXOR S.A. and other subsidiaries in the Holdings System (4) 2,100,000 556,500 3,365 219 Total 9,725,000 (a) 2,577,125 15,583 962
(a) In 2009, 50,000 options were forfeited. Therefore, at June 30, 2010 there are 9,675,000 options.
The adjusted exercise price is € 19.97 for each EXOR share.
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The cost referring to the first half of 2010 amounts to € 962 thousand, of which € 300 thousand is classified as fees, relative to the chief executive officer, and € 662 thousand as personnel costs, relative to key employees of EXOR S.p.A. (€ 443 thousand) and EXOR S.A. and companies in the Holdings System (€ 219 thousand). The corresponding entry of € 962 thousand is recorded in the stock option reserve.
Stock option plan with underlying Alpitour stock With reference to the stock option plan with underlying Alpitour stock, reference should be made to Note 28 of the consolidated financial statements at December 31, 2009 of the EXOR Group.
C&W Group stock option plans With reference to the stock option plans approved by C&W Group, the changes during the first half are as follows:
6/30/2010 Employee Plan Management Options
Weighted Weighted average Number of average Number of shares exercise price shares exercise price Outstanding at 1/1/2010 4,307 $548.02 12,472 $1,183.14 Granted during the period 0 20,000 $1,175.00 Exercised during the period (31) $548.02 Forfeited during the period (191) $548.02 Cancelled during the period 0 (4,640) $1,291.18 Outstanding at 6/30/2010 4,085 $548.02 27,832 $1,201.24 Exercisable at 6/30/2010 4,085 $548.02 984 $1,281.27
On March 22, 2010, C&W Group granted 20,000 stock options to an Executive. The vesting period for the first 4,000 options is on March 21, 2011 and the remaining stock options vest in multiples of 4,000 on each year thereafter until March 21, 2015. The stock options have a 10-year term (March 22, 2020) and an exercise price based on C&W Group’s December 31, 2009 stock price. The value of the options was calculated using the Black-Scholes pricing model.
During the first half, 4,640 options granted in 2007 were cancelled since performance targets were not met.
23. Provisions for employee benefits The analysis of the change in the provisions for employee benefits is as follows:
€ in millions Balance at December 31, 2009 68 Accruals 37 Utilizations (23) Exchange differences and other changes 4 Total changes 18 Balance at June 30, 2010 86
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24. Provisions for other liabilities and charges The analysis of the change in provisions for other liabilities and charges recorded in current and non-current liabilities is the following:
Non-current provisions Current provisions Other risks Tax Other risks Restructuring € in millions provisions provision Total provisions provision Total Balance at December 31, 2009 3 5 8 12 9 21 Accruals 0 0 0 5 1 6 Release of provisions 0 (1) (1) (2) (5) (7) Exchange differences and other changes 0 0 0 1 (1) 0 Total changes 0 (1) (1) 4 (5) (1) Balance at June 30, 2010 3 4 7 16 4 20
25. Pending litigation Updates are presented below only for significant information regarding pending litigation involving the group companies described in Note 31 to the consolidated financial statements at December 31, 2009 of the EXOR Group, to which reference should be made.
EXOR and subsidiaries in the Holdings System
Proceedings relative to the contents of the press releases issued by IFIL and Giovanni Agnelli e C. on August 24, 2005 With regard to the penal proceedings before the Turin Court relative to the contents of the press releases issued by IFIL and Giovanni Agnelli e C. on August 24, 2005, the discussion having ended, the Court judged that it was absolutely necessary to obtain opinions which require specific technical expertise on matters regarding the financial markets which are considered highly complex and appointed three experts who have been charged with this specific assignment. The next hearing is scheduled for October 29, 2010.
Juventus Football Club
Turin Court proceedings On April 2, 2010, the Attorney General’s office lodged an appeal (notified on April 8, 2010) against the ruling to acquit former directors of Juventus Football Club, handed down by the trial judge on November 24, 2009. As no notification of appeal has been served on the Company, its acquittal under the ruling handed down on November 24, 2009 is final.
Second instance ruling (Turin Region Tax Commission) on the dispute over VAT on UEFA Champions League revenues On May 17, 2010, the Turin Regional Tax Commission upheld the first instance ruling which had upheld the appeal filed by Juventus against the Revenue Agency’s refusal to refund VAT receivables of € 1.4 million relating to UEFA games played in the 2000/2001 soccer season.
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26. Consolidated net financial position The composition of the gross and net financial position of the consolidated companies is as follows:
Net financial Financial (debt) cash € in millions Gross debt assets position EXOR S.p.A. and the Holdings System (1,125) 1,312 186 C&W Group (217) 42 (174) Alpitour Group (68) 39 (29) (a) Juventus Football Club S.p.A. (33) 39 6 Total (1,443) 1,432 (11)
(a) Includes € 7.5 million of reserves to be distributed to EXOR.
In accordance with Consob Communication 6064293 dated July 28, 2006, the composition of the net financial position of the EXOR Group is presented below:
€ in millions 6/30/2010 12/31/2009 Change Non-current financial liabilities EXOR 2007/2017 bonds (745) (745) 0 EXOR 2006/2011 bonds (200) (200) 0 Debt (286) (290) 4 Total non-current financial liabilities (1, 231) (a) (1,235) 4 Non-current other financial assets 202 90 112 Non-current net financial position (A) (1,029) (1,145) 116 Current financial liabilities Debt (134) (b) (38) (96) Current portion of medium/long-term debt and bonds (18) (35) 17 Derivative financial instruments (19) (15) (4) Total current financial liabilities (171) (88) (83) Current financial assets Bonds and equity shares held for trading 793 601 192 Derivative financial instruments 0 0 0 Receivables and other financial assets 20 7 13 Total current financial assets 813 608 205 Cash and cash equivalents 376 630 (254) Current net financial position (B) 1,018 1,150 (132)
Consolidated net financial position (A+B) (11) 5 (16)
(a) Does not include the negative fair value of the embedded derivative relating to the Perfect Vision convertible bonds equal to € 38 million (€ 32 million at December 31, 2009). (b) Includes financial payables to related parties (Almacantar) for € 8 million,
27. Bonds and other debt The composition is as follows: Non-current portion Current portion € in millions 6/30/2010 12/31/2009 6/30/2010 12/31/2009 EXOR 2007/2017 bonds (745) (745) (2) (22) EXOR 2006/2011 bonds (200) (200) 0 (1) Debt (286) (290) (150) (50) Derivative financial instruments (38) (32) (19) (15) Total bonds and other debt (1, 269) (1,267) (171) (88)
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The bonds issued by EXOR S.p.A. are traded on the Luxembourg Stock Exchange. The bonds contain covenants that are common in international practice for bond issues of this type. In particular, they contain negative pledge clauses (the obligation to extend any real present or future guarantees given as collateral on the assets of the issuer on other bonds and other credit instruments to these bonds to the same degree), disallowing a change of control and providing for periodic disclosure. The 2006/2011 bonds also establish other commitments such as observing a maximum debt limit in relation to the amount of the portfolio and maintaining a rating by one of the major agencies. Non-compliance with these covenants allows the bondholders to ask for the immediate redemption of the bonds. Finally, standard events of default are envisaged in the case of serious non-fulfillment such as, for example, failure to pay interest. These covenants were complied with at June 30, 2010. Any change of control of EXOR would give bondholders the right to the early reimbursement of the Bonds 2006/2011 and 2007/2017 for a total of € 950 million. On February 9, 2010, Standard & Poor's confirmed its rating of EXOR’s long-term and short-term debt (respectively “BBB+” and “A-2”) with a negative outlook.
The EXOR 2007/2017 bonds, issued on June 12, 2007 for a nominal amount of € 750 million, maturing June 12, 2017, have an issue price equal to 99.554% of their nominal value with a 5.375% fixed annual coupon.
The EXOR 2006/2011 bonds issued on June 9, 2006 for a nominal amount of € 200 million, maturing June 9, 2011, have an issue price equal to 99.9% of their nominal value and pay interest at the 3-month Euribor rate plus a spread of 68 basis points.
Debt recorded in current and non-current liabilities for € 436 million, (€ 340 million at December 31, 2009) includes debt of the Holdings System (€ 162 million), C&W Group (€ 182 million), Alpitour Group (€ 60 million) and Juventus Football Club (€ 32 million).
Holdings System The debt of the Holdings System includes: - bank debt of EXOR S.p.A. for € 75 million (€ 125 million at December 31, 2009) classified under non-current liabilities based on the remaining term of the line granted and the duration of the hedging contracts; - current bank debt of EXOR S.p.A. for € 79 million (€ 25 million at December 31, 2009) which mainly includes two loans from leading credit institutions for a total of € 75 million; - remaining amount due by EXOR S.A. to Almacantar for € 8 million relating to unpaid subscribed capital stock.
In order to guarantee fixed interest rates, interest rate swaps have been put into place on the entire amount of EXOR S.p.A.’s current and non-current loans (€ 150 million); at June 30, 2010, the fair value of these contracts is negative for € 2 million and is recognized in other financial expenses.
C&W Group The debt of C&W Group amounts to € 182 million (€ 146 million at December 31, 2009), and mainly includes the following categories of debt: - Amended Facility secured on May 29, 2007 of $350 million. At June 30, 2010, the outstanding balance is $219.2 million (€ 179 million), of which $171.5 million (€ 120 million) at the average rate of 5.40%, $22.4 million (€ 18.2 million) at the average rate of 5.47% and $17.9 million (€ 14.6 million) at the average rate of 5.44% and $7.3 million (€ 5.9 million) at the average rate of 5.44%; - Seller Note – Burnham for $2.5 million (€ 2 million) at 6.5%; - other debt for € 1 million.
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The Amended Facility is covered by numerous covenants to be maintained for the entire term of the credit facility including leverage ratios as defined in the contract. The financial covenants have been complied with since the inception of the credit facility up to June 30, 2010.
Alpitour Group The debt of the Alpitour Group totaling € 60 million (€ 28 million at December 31, 2009), comprises: - debt with leading credit institutions (€ 45 million); - syndicated loan, coordinated by BNL and Efibanca (€ 12 million); - CRS loan (€ 3 million).
The medium and long-term loan contracts state that the Alpitour Group must comply with covenants calculated on consolidated equity, economic and financial data (mainly net debt/equity and net debt/Ebitda). In view of the seasonal nature of the business, these ratios, as established by the relevant contracts, are calculated on an annual basis at the year-end closing date.
Such ratios, which must be calculated annually over the entire period of the relative loan operations, have been fully complied with as at October 31, 2009. The main changes are as follows: - early termination of the securitization operation put into place during the financial year 2005/2006 in order to further rationalize the sources of financing (€ 8 million); - repayment of periodical installments on the syndicated loan and CRS loan for a total of € 5 million; - new loans secured from leading credit institutions for € 45 million represented by committed credit lines obtained from Intesa Sanpaolo (€ 17.5 million) and Unicredit (€ 25 million) and also a revocable credit line secured from Banca Popolare di Sondrio for € 2.5 million.
Juventus Football Club Debt of Juventus F.C. (€ 32 million) refers to the finance lease to cover the investment in the Vinovo Training Center and the loan taken out in the first half of 2010 with Istituto per il Credito Sportivo to finance the construction of the new stadium.
Non-current derivative financial instruments of the EXOR Group include the embedded derivative relating to the Perfect Vision Limited convertible bonds, for $46.4 million. The fair value recognized in the income statement in the first half of 2010 is negative for € 38 million. The change of € 6 million compared to the balance at December 31, 2009 (€ 32 million) is due to currency exchange differences (recorded in other financial expenses).
Current derivative financial instruments of the EXOR Group totaling € 19 million include: - derivative financial instruments on equity shares held for trading by EXOR S.p.A. (at June 30, 2010, the fair value is negative for € 14 million and is recorded in other financial expenses); - interest rate swap contracts put into place by EXOR S.p.A. on the amount of current and non-current loans (at June 30, 2010, the fair value is negative for € 2 million and is recorded in other financial expenses); - foreign exchange forward contracts put into place by C&W Group to hedge possible changes in exchange rates on intercompany trading transactions (at June 30, 2010, the fair value is negative for € 2 million and is recorded in other financial expenses); - interest rate swap contracts put into place by Alpitour and Juventus on possible changes in interest rates on loans (at June 30, 2010, the fair value is negative for a total of € 1 million and is recorded in other financial expenses);
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28. Deferred income taxes The composition and the change in deferred tax assets are as follows:
Property, plant Revenues and equipment taxed in and intangible Tax prior € in millions assets losses years Other Total Balance at December 31, 2008 2 1 5 9 17 Income taxes charged (reversed) to the income statement 1 (1) (3) (4) (7) Taxes relating to items credited to equity 0 0 0 1 1 Net other movements 0 0 0 (2) (2) Balance at December 31, 2009 3 0 2 4 9 Income taxes charged (reversed) to the income statement 0 8 0 0 8 Taxes relating to items credited to equity 0 0 0 (1) (1) Net other movements and reclassifications (3) 8 (2) 5 8 Balance at June 30, 2010 0 16 0 8 24
Deferred income taxes charged during the first half refer to the charge on tax loss carryforwards of the Alpitour Group (€ 8 million).
The composition and the change in deferred tax liabilities are as follows:
Amortization and Deferred Actuarial Intangible depreciation compensation gains Tax € in millions assets and tax charges plans (losses) losses Other Total Balance at December 31, 2008 (126) 6 20 5 3 6 (86)
Income taxes (charged) reversed to the income statement 6 (7) (2) 0 16 8 21 Income taxes relating to items debited to equity 0 0 0 (1) 0 (1) (2) Exchange differences 4 0 (1) 0 (1) 0 2 Net other movements (1) 0 0 0 3 (1) 1 Balance at December 31, 2009 (117) (1) 17 4 21 12 (64)
Income taxes (charged) reversed to the income statement 2 0 (4) 0 15 2 15 Income taxes relating to items debited to equity 0 0 0 (1) 0 0 (1) Exchange differences (20) (1) 3 1 4 3 (10) Net other movements and reclassifications 4 (3) 0 0 (10) 2 (7) Balance at June 30, 2010 (131) (5) 16 4 30 19 (67)
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29. Intragroup and related party transactions The EXOR Group is directly controlled by Giovanni Agnelli e C. S.a.p.az., a company registered in Italy. The transactions between the company and its consolidated subsidiaries, which are related parties of the same company, have been eliminated in the EXOR half-year condensed consolidated financial statements and are therefore not presented in this note. Related party transactions have been carried out in accordance with existing laws on the basis of reciprocal economic gain. Receivables and payables are not guaranteed and are settled in cash and guarantees have neither been granted nor received on them. Costs have not been recognized during the period for non-existent or doubtful liabilities in relation to amounts due from related parties.
The statement of financial position and income statement balances generated by transactions carried out in the first half of 2010 with related parties, identified in accordance with IAS 24 and communicated by the companies of the Group, are summarized in the following tables. Transactions are indicated only if close to € 1 million, which is the unit of measure for the presentation of the consolidated figures of the EXOR Group.
Trade Other Financial Financial Other € in millions receivables assets assets liabilities liabilities Costs Revenues Directors for fees and professional services 3 (a) Almacantar S.A. 8 (b) Recipients for Alpitour stock option plans 2005 12 Alpitour Group 1 1 1 Fiat Group 2 10 (c) Total EXOR Group 3 1 1 8 12 3 10
(a) Fees to the directors of EXOR S.p.A. (€ 2.7 million) and EXOR S.A. (€ 0.3 million) referring to the first half of 2010. (b) Amount due to Almacantar for unpaid capital stock subscribed by EXOR S.A.. (c) Of which € 7 million is for the consideration on the agreement between the Fiat Group and Juventus Football Club which gives Fiat Group the right to exploit the Juventus Football Club's image and € 3 million mainly for incentives, events and convention activities conducted by companies of the Alpitour Group for the Fiat Group.
30. Commitments Details are as follows:
€ in millions 6/30/2010 12/31/2009 Commitments undertaken Guarantees, note guarantees and other guarantees 110 101 Commitments for the purchase of investments and financial assets 238 72 Commitments for the purchase of property, plant and equipment 0 4 Commitments to make loans 3 6 Other commitments undertaken 0 1 Total commitments undertaken 351 184 Commitments received Guarantees, deposits, note guarantees and other guarantees 75 144 Other commitments 4 55 Total commitments received 79 199
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Guarantees, note guarantees and other guarantees included in commitments undertaken (€ 110 million) mainly include guarantees on behalf of suppliers of tourist services, financial offices and public entities provided by the Alpitour Group and other guarantees of the Alpitour Group for € 40 million, in addition to bank guarantees provided to Juventus Football Club for € 70 million by leading credit institutions.
Commitments for the purchase of investments and other financial assets (€ 238 million) refer to commitments undertaken by the subsidiary EXOR S.A. as follows: - commitment to invest a maximum remaining $46 million (€ 37 million) in the limited partnership NoCo B LP which groups a series of funds managed by Perella Weinberg Partners L.P.; in the first half of 2010, EXOR S.A. has invested $10 million (€ 7 million); - commitment for a residual investment of € 22 million in the Perella Weinberg Real Estate fund; - commitment to invest a further € 7 million in Banijay Holding S.A.S.; - commitment for a residual investment of € 90 million in Almacantar. In the first half of 2010, EXOR S.A. invested € 10 million for the subscription of 63.75% of the capital stock and voting rights; - commitment for the investment in the joint venture with the Jardine Matheson Group and Rothschild for $100 million (€ 82 million).
Commitments to make loans refer to the commitment undertaken by C&W Group with its employees.
Commitments received amount to € 79 million and refer to guarantees, deposits, note guarantees and other guarantees for € 75 million (of which € 74 million is for guarantees and other guarantees provided by third parties to Juventus Football Club and € 1 million to guarantees and other commitments of the Alpitour Group).
The main guarantees provided by third parties to Juventus Football Club (€ 57 million) are as follows: - guarantee of € 42 million provided by Sportfive S.A. to guarantee part of the amounts relating to the commercial contract signed with Sportfive Italia S.r.l. and Sportfive GmbH & Co. KG., for the naming and marketing rights for the new stadium; - guarantee of € 12 million provided by leading credit institutions on behalf of Associazione Temporanea di Imprese - Rosso, Gilardi, Consfer e Morganti to guarantee the contract for the construction of the new stadium; - other guarantees for € 3 million.
Other guarantees received by Juventus F.C., for € 17 million, refer to pledges guaranteeing receivables from Campi di Vinovo S.p.A. and Finanziaria Gilardi S.p.A. arising from the sale of the investment and subsequent novation and integration agreements.
Procedures for the identification and control of commitments Information regarding commitments, in addition to all other data and information used for consolidation purposes, is transmitted to EXOR S.p.A. through the consolidation process under the responsibility of the legal representatives of the individual companies and/or the Groups consolidated by EXOR that are required to prepare a reporting package and sign a representation letter addressed to the Parent. On the basis of information known to EXOR S.p.A., no significant commitments have been omitted by the companies of the Group.
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31. Pro-forma consolidated data prepared by consolidating the Fiat Group line-by-line Pending possible amendments to IAS 27 proposed in Exposure Draft ED 10 “Consolidated Financial Statements” that should definitively clarify the criteria that will permit a verification of the presence of de facto control in accordance with IAS 27, the EXOR Group has continued to exclude the Fiat Group, in which it has a 30.45% holding in ordinary capital stock, from line-by-line consolidation, consistently with the method followed for the first-time adoption of IFRS and the preparation of the annual and half-year consolidated financial statements of 2005 and thereafter. Nevertheless, in light of the probable issue of the amended principle by the end of 2010, which should require to consolidate the Fiat Group using the line-by-line consolidation method, EXOR has commenced a series of activities to prepare for such consolidation starting from the annual 2010 financial statements. However, in order to provide more meaningful disclosure, the pro-forma consolidated statement of financial position, pro-forma consolidated income statement and the composition of the pro-forma consolidated net financial position prepared by consolidating the Fiat Group line-by-line are presented below.
EXOR Group – Pro-forma consolidated income statement prepared by consolidating the Fiat Group line-by-line
Consolidated Consolidated Elimination Consolidated € in millions EXOR Group Fiat Group Aggregate Fiat Pro-forma Revenues, net 1,035 27,762 28,797 28,797 Other income (expenses) 8 (65) (57) (57) Current operating costs (1,117) (26,694) (27,811) (27,811) (Loss) Profit from current operations (74) 1,003 929 0 929 Gains on disposals of investments 0 6 6 6 Restructuring costs and non-recurring other income (expenses), net (9) (29) (38) (38) Operating (loss) profit (83) 980 897 0 897 Gains (Losses) on disposals of other non-current financial assets 1 0 1 1 Other financial income (expenses) 66 (554) (488) (488) Financial income (expenses) 67 (554) (487) 0 (487) Income taxes 6 (439) (433) (433) (Loss) Profit of investments consolidated line-by-line (10) (13) (23) 0 (23) Share of result of the Fiat Group 22 0 22 (22) 0 Share of result of other investments accounted for by the equity method 2 105 107 107 Profit (Loss) from continuing operations 14 92 106 (22) 84 Profit (Loss) from discontinued operations or assets held for sale 0 0 0 0 Profit (Loss) attributable to: 14 92 106 (22) 84 owners of the Parent 25 22 47 (22) 25 non-controlling interests (11) 70 59 0 59
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EXOR Group – Pro-forma consolidated statement of financial position prepared by consolidating the Fiat Group line-by-line
Consolidated Consolidated Elimination Consolidated € in millions EXOR Group Fiat Group Aggregate Fiat Pro-forma Non-current assets Goodwill 420 3,087 3,507 3,507 Other intangible assets 484 4,763 5,247 5,247 Property, plant and equipment 229 13,325 13,554 13,554 Investment in Fiat accounted for by the equity method 3,307 3,307 (3,307) 0 Investments accounted for by the equity method 205 2,069 2,274 2,274 Other financial assets 1,782 274 2,056 2,056 Leased assets 513 513 513 Deferred tax assets 24 2,854 2,878 2,878 Other non-current assets 73 152 225 225 Total Non-current assets 6,524 27,037 33,561 (3,307) 30,254 Current assets Inventories 3 9,319 9,322 9,322 Trade receivables 314 4,207 4,521 4,521 Receivables from financing activities 15,032 15,032 15,032 Other receivables, accruals and prepayments 167 3,690 3,857 3,857 Financial assets 813 763 1,576 1,576 Cash and cash equivalents 376 13,339 13,715 13,715 Total Current assets 1,673 46,350 48,023 0 48,023 Assets held for sale 0 88 88 88 Total Assets 8,197 73,475 81,672 (3,307) 78,365
Equity Capital stock issued and reserves attributable to owners of the Parent 5,831 11,136 16,967 (11,136) 5,831 Equity attributable to non-controlling interests 79 937 1,016 7,829 8,845 Total Equity 5,910 12,073 17,983 (3,307) 14,676 Current and non-current liabilities Provisions for employee benefits 86 3,649 3,735 3,735 charges 27 5,397 5,424 5,424 Bonds and other debt 1,440 31,504 32,944 32,944 Deferred tax liabilities 67 116 183 183 Trade payables 274 13,081 13,355 13,355 Other liabilities, accruals and deferrals 393 7,655 8,048 8,048 Total Current and non-current liabilities 2,287 61,402 63,689 0 63,689 Total Equity and Liabilities 8,197 73,475 81,672 (3,307) 78,365
EXOR Group – Pro-forma consolidated net financial position prepared by consolidating the Fiat Group line-by-line
Consolidated Consolidated Consolidated € in millions EXOR Group Fiat Group Pro-forma Cash and cash equivalents 376 13,548 13,924 Financial receivables 20 15,032 15,052 Other current and non-current financial assets 995 524 1,519 Debt (438) (30,774) (31,212) EXOR bonds 2006/2011 (200) 0 (200) EXOR bonds 2007/2017 (745) 0 (745) Other current financial liabilities (19) (730) (749) Consolidated net financial position (11) (2,400) (a) (2,411)
(a) The net financial position of the Fiat Group (negative for € 2,400 million) can be reconciled to its consolidated net debt (€ 17,408 million) by excluding current financial receivables for € 15,008 million (instead, those from jointly controlled financial services companies are included for € 24 million).
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32. Approval of the half-year condensed consolidated financial statements and authorization for publication The half-year condensed consolidated financial statements at June 30, 2010 were approved on August 27, 2010 by the board of directors which authorized their publication on the same date.
Turin, August 27, 2010
For the Board of Directors The Chairman John Elkann
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Attestation According to Art. 154-bis, Paragraph 5, of Legislative Decree 58/98
We, the undersigned, Carlo Barel di Sant'Albano, chief executive officer, and Aldo Mazzia, manager responsible for the preparation of the financial reports of EXOR S.p.A., pursuant to the provisions of art. 154-bis, paragraphs 3 and 4, of Legislative Decree 58 dated February 24, 1998, hereby attest:
- the adequacy with respect to the company's structure and - the effective application
of the administrative and accounting procedures used in the preparation of the half-year condensed consolidated financial statements at June 30, 2010.
We also attest that:
- the half-year condensed consolidated financial statements at June 30, 2010:
- have been prepared in accordance with applicable International Financial Reporting Standards recognized by the European Community pursuant to EC Regulation 1606/2002 of the European Parliament and Council, dated July 19, 2002; - correspond to the amounts shown in the accounts, books and records; - provide a fair and correct representation of the financial conditions, results of operations and cash flows of the company and its consolidated subsidiaries;
- the related interim management report includes a reliable analysis of the significant events affecting the company in the first six months of the current year, including the impact of such events on the half-year condensed consolidated financial statements and a description of the principal risks and uncertainties for the second half of the year. The interim management report also includes a reliable analysis of the information on significant related party transactions.
Turin, August 27, 2010
Chief Executive Officer Manager responsible for the preparation Carlo Barel di Sant’Albano of the financial reports Aldo Mazzia
ATTESTATION OF THE HALF-YEAR CONDENSED 79 CONSOLIDATED FINANCIAL STATEMENTS BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 80
80 INDEPENDENT AUDITORS' REVIEW REPORT HALF-YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 81
INDEPENDENT AUDITORS' REVIEW REPORT 81 HALF-YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 82 BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 83
List of EXOR Group Companies at June 30, 2010 BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 84
As required by Consob Resolution 11971 dated May 14, 1999, as amended (Art. 126 of the Regulations), a list of the companies included in the scope of consolidation, the investments accounted for by the equity method and other significant investments, subdivided by business segment, is provided below.
Investments of the Holdings System and operating companies consolidated on a line-by- line basis
% % Capital stock % of Group interest of voting Name Country at 6/30/2010 Currency consolidation Interest held by held rights
EXOR S.p.A. ITALY 246,229,850 EURO
COMPANIES OF THE HOLDINGS SYSTEM (Holding companies and services company)
EXOR S.A. LUXEMBOURG 166,611,300 EURO 100.00 EXOR S.p.A. 100.000 100.000
EXOR CAPITAL L.T.D. IRELAND 4 ,000,000 EURO 100.00 EXOR S.A. 100.000 100.000
EUFIN INVESTMENTS UNLIMITED U.K. (a) UNITED KINGDOM 243,100 EURO 100.00 EXOR S.A. 100.000 100.000
EXOR INC. USA 1 USD 100.00 EXOR S.A. 100.000 100.000 PEOPLE' S REP. OF CHINA EXOR LIMITED (b) 1 HKD 100.00 EXOR S.A. 100.000 100.000 (HONG KONG) ANCOM USA INC USA - USD 100.00 EXOR S.A. 100.000 100.000
EXOR Services S.c.p.a. (formerly SOIEM S.p.A.) ITALY 9 ,145,000 EURO 99.62 EXOR S.p.A. 99.620 99.620 GIOVANNI AGNELLI & C. S.a.p.az. 0.38 0.38
OPERATING COMPANIES
Real estate services C&W GROUP INC. USA 7,201 USD 78.40 EXOR S.A. 70.150 70.150 C&W GROUP INC. 6.246 6.246 (*)
Real estate sector
AL MAC ANTAR S.A. (c) FRANCE 15,687,500 EURO 63.75 EXOR S.A. 63.745 63.745
Tourism and Hotel activities ALPITOUR S.p.A. ITALY 17,725,000 EURO 100.00 EXOR S.p.A. 100.000 100.000
Football club JUVENTUS FOOTBALL CLUB S.p.A. ITALY 20,155,333 EURO 60.00 EXOR S.p.A. 60.001 60.001
(a) Company in a voluntary wind-up. (b) Dormant company from January 31, 2010. (c) Purchased on April 28, 2010; the company is stated at cost since it is not yet fully operational. (*) Voting suspended.
84 LIST OF GROUP COMPANIES BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 85
Investments of C&W Group consolidated on a line-by-line basis (percentage of EXOR Group consolidation: 78.40%)
Capital % of % of Group % interest Name Country stock at Currency Interest held by voting consolidation held 6/30/2010 rights Re al Es tate Se r vice s BIGeREALESTATE, Inc. USA N/A USD 71.620% Cushman & Wakefield, Inc. 73.100% 73.100% Buckbee Thorne & Co. USA 37,500 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% C & W Offshore Consulting, Inc. USA 100 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% C & W-Japan K.K. JAPAN 200 YEN 100.000% Cushman & Wakefield International Inc. 100.000% 100.000% Cushman & Wakefield UNITED KINGDOM N/A GBP 99.000% Cushman & Wakefield (UK) Ltd. 99.000% 99.000% Cushman & Wakefield - Chile Negocios Inmobiliarios Limitada CHILE 315,163,132 CHP 100.000% Cushman & Wakefield Consultoria Imobiliaria Ltda 99.980% 99.980% CHP Cushman & Wakefield of South America, Inc. 0.020% 0.020% Cushman & Wakefield - Colombia Ltda COLOMBIA 5,706,000 COP 100.000% Cushman & Wakefield Consultoria Imobiliaria Ltda 99.895% 99.895% Cushman & Wakefield of South America, Inc. 0.105% 0.105% Cushman & Wakefield Consultoria Imobiliaria Ltda BRAZIL 2,586,444 BRL 97.990% Cushman & Wakefield International Holdings Limited Partnership 97.990% 97.990% 2.010% Celina Antunes 2.010% 2.010% Cushman & Wakefield Negócios Imobiliários Ltda. BRAZIL 775,000 BRL 99.990% Cushman & Wakefield Consultoria Imobiliaria Ltda 99.990% 99.990% Marina Cury 0.010% 0.010% Cushman & Wakefield - Argentina S.A. ARGENTINA 3,344,930 ARS 100.000% Cushman & Wakefield Consultoria Imobiliaria Ltda 95.000% 95.000% ARS Cushman & Wakefield of South America, Inc. 5.000% 5.000% Cushman & Wakefield - Semco Peru S.A. PERU 55,842 PEN 100.000% Cushman & Wakefield Consultoria Imobiliaria Ltda 95.000% 95.000% Cushman & Wakefield of South America, Inc. 5.000% 5.000% Cushman & Wakefield - Serviços Gerais Ltda. BRAZIL 10,000 BRL 100.000% Cushman & Wakefield Consultoria Imobiliaria Ltda 99.990% 99.990% Cushman & Wakefield of South America, Inc. 0.010% 0.010% Cushman & Wakefield Venezuela, S.A. VENEZUELA 1,000,000 VEB 100.000% Cushman & Wakefield Consultoria Imobiliaria Ltda 100.000% 100.000% Cushman & Wakefield - Sociedade de Mediacao Imobilaria, Lda PORTUGAL 50,000 EUR 100.000% Cushman & Wakefield (France Holdings) SAS 99.800% 99.800% Cushman & Wakefield Zarzadzanie SP z.o.o. POLAND 50,000 Polish Zloty 99.000% Cushman & Wakefield Polska SP z.o.o. 99.000% 99.000% Cushman & Wakefield (7 Westferry Circus) Limited UNITED KINGDOM 1 GBP 100.000% Cushman & Wakefield Management Services (UK) Limited 100.000% 100.000% Cushman & Wakefield (Australia) Pty Limited AUSTRALIA 500,000 AUD$ 100.000% Cushman & Wakefield Singapore Holdings Pte Limited 75.000% 75.000% Cushman & Wakefield Holding Pty Limited 25.000% 25.000% Cushman & Wakefield (China) Limited HONG KONG 2 HKDollar 100.000% Cushman & Wakefield of Asia Limited 100.000% 100.000% Cushman & Wakefield (City) Limited UNITED KINGDOM 1 GBP 100.000% Cushman & Wakefield (EMEA) Limited. 100.000% 100.000% Cus hman & Wakef ield ( EMEA ) Limited UNITED KINGDOM 1 GBP 100.000% Cushman & Wakefield Global Holdco Limited 100.000% 100.000% Cushman & Wakefield (Hellas) Real Estate Agents and Consultants SA GREECE 60,000 EUR 99.995% Cushman & Wakefield (France Holdings) SAS 99.995% 99.995% Cushman & Wakefield (HK) Limited. HONG KONG 100 HKDollar 100.000% Cushman & Wakefield of Asia Limited 100.000% 100.000% Cushman & Wakefield (S) Pte. Limited SINGAPORE 20 Singapore dollar 100.000% Cushman & Wakefield of Asia Limited 100.000% 100.000% Cushman & Wakefield (Shanghai) Co., Ltd. PEOPLE'S REP. OF CHINA 1,800,000 USD 100.000% Cushman & Wakefield (China) Limited 100.000% 100.000% Cushman & Wakefield (UK) Ltd. UNITED KINGDOM 15,398,536 GBP 100.000% Cushman & Wakefield (UK) Services Ltd. 100.000% 100.000% Cushman & Wakefield (UK) Services Ltd. UNITED KINGDOM 15,398,538 GBP 100.000% Cushman & Wakefield Global Holdco Limited 100.000% 100.000% Cushman & Wakefield (Warw ick Court) Limited UNITED KINGDOM 1 GBP 100.000% Cushman & Wakefield Management Services (UK) Limited 100.000% 100.000% Cushman & Wakefield 111 Wall, Inc. USA 200 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield 1180, Inc. USA 100 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% S.C. Cushman & Wakefield Romania S.R.L. ROMANIA 1,000 RON 100.000% Cushman & Wakefield (EMEA) Limited 99.000% 99.000% Healey & Baker Limited 1.000% 1.000% Cushman & Wakefield Asset Management Italy S.r.l. ITALY 10,000 EUR 100.000% Cushman & Wakefield Management Services (UK) Limited 100.000% 100.000% Cushman & Wakefield Canada Limited Partnership CANADA N/A CAD 100.000% Cushman & Wakefield First Nova Scotia ULC 99.900% 99.900% Cushman & Wakefield Second Nova Scotia ULC 0.100% 0.100% Cushman & Wakefield Capital Holdings (Asia) BELGIUM 18,550 EUR 100.000% Cushman & Wakefield of Asia Inc 99.990% 99.990% Cushman & Wakefield International Inc. 0.010% 0.010% Cushman & Wakefield Consultoria Imobiliaria, Unipessoal, Lda. PORTUGAL N/A EUR 100.000% Cushman & Wakefield Sociedade de Mediacao Imobilaria, Lda 100.000% 100.000% Cushman & Wakefield de Mexico, S.A. de C.V MEXICO 100,000 MXP 100.000% Cushman & Wakefield of North America, Inc. 50.000% 50.000% Cushman & Wakefield of the Americas, Inc. 50.000% 50.000% Cushman & Wakefield Eastern, Inc. USA 200 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield Ecuador S.A. ECUADOR 840 USD 100.000% Cushman & Wakefield Consultoria Imobiliaria Ltda 95.000% 95.000% Cushman & Wakefield of South America, Inc. 5.000% 5.000% Cushman & Wakefield European Holdings, Inc. USA 1 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield Expertise SAS FRANCE 37,000 EUR 100.000% Cushman & Wakefield SAS 100.000% 100.000% Cushman & Wakefield Corporate Finance Limited UNITED KINGDOM 10,000 GBP 100.000% Cushman & Wakefield Global Holdco Limited 100.000% 100.000% Cushman & Wakefield Finance Subsidiary LLC USA 29,018,000 USD Cushman & Wakefield International Finance Subsidiary, Inc. 100.000% 100.000% Cushman & Wakefield First Nova Scotia ULC CANADA 37,803,970 CAD 100.000% Cushman & Wakefield International Finance Subsidiary, Inc. 100.000% 100.000% Cushman & Wakefield Gayrimenkul Danismanlik Mumessillik ve Turizm TURKEY 1,796 YTL Cushman & Wakefield (France Holdings) SAS 89.800% 89.800% Hizmetleri Anonim Sirketi 1 YTL Healey & Baker Limited 0.050% 0.050% 1 YTL Cushman & Wakefield (EMEA) Limited 0.050% 0.050% 1 YTL Philip Ingleby 0.050% 0.050% 1 YTL Eric Van Dyck 0.050% 0.050% 200 YTL Ayse Cebe 10.000% 10.000% Cushman & Wakefield LP Limited SINGAPORE N/A USD 100.000% Cushman & Wakefield Capital Holdings (Asia) 100.000% 100.000% Cushman & Wakefield Luxembourg LUXEMBOURG 12,500 EUR 100.000% Cushman & Wakefield (France Holdings) SAS 100.000% 100.000% Cushman & Wakefield Gestion, Inc. USA 1 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield Global Services, Inc. USA 200 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield Holdings, Inc. USA 58,573 USD 100.000% C & W Group Inc 100.000% 100.000%
LIST OF GROUP COMPANIES 85 BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 86
Investments of C&W Group consolidated on a line-by-line basis (percentage of EXOR Group consolidation: 78.40%)
Capital % of % of Gr oup % interest Name Country stock at Currency Interest held by voting consolidation held 6/30/2010 rights Cushman & Wakefield Hospitality Limited UNITED KINGDOM 2 GBP 100.00% Cushman & Wakefield (EMEA) Limited 100.000% 100.000% Cushman & Wakefield Hospitality srl ITALY 9,000 EUR 100.00% Cushman & Wakefield Hospitality Limited 90.000% 90.000% 1,000 Marco Zalamena 10.000% 10.000% Cushman & Wakefield India Private Limited INDIA 336,447,800 Indian Rupee 100.000% Cushman & Wakefield Mauritius Holdings, Inc. 99.990% 99.990% Cushman & Wakefield of Asia Limited 0.010% 0.010% Cushman & Wakefield Indonesia Holdings Pte Ltd SINGAPORE 100,000 Singapore dollar 60.000% Cushman & akefield Singapore Holdings Pte Limited 60.000% 60.000% Property Advisory International Limited (BVI) (not a C&W entity) 40.000% 40.000% Cushman & Wakefield International Finance Subsidiary, Inc USA 200 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield International Investment Advisors, Inc. USA 100 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield International Real Estate Kft. HUNGARY 3,000,000 EUR 100.000% Cushman & Wakefield (France Holdings) SAS 96.670% 96.670% Cushman & Wakefield Residential Limited 3.330% 3.330% Cushman & Wakefield International, Inc. USA 200 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield Investment Advisors K.K. JAPAN 200 YEN 100.000% C&W-Japan K.K. 100.000% 100.000% Cushman & Wakefield Investors (Finance) Limited UNITED KINGDOM 36,000 GBP 100.000% Cushman & Wakefield Global Holdco Limited 100.000% 100.000% Cushman & Wakefield Investors Asia Ltd HONG KONG 100,000,000 HKDollar 100.000% Cushman & Wakefield Capital Holdings (Asia) 100.000% 100.000% Cushman & Wakefield Investors Limited UNITED KINGDOM 1 GBP 100.000% Cushman & Wakefield Global Holdco Limited 100.000% 100.000% Cushman & Wakefield Investors SAS FRANCE 25,443 EUR 100.000% Cushman & Wakefield Investors Limited 100.000% 100.000% Cushman & Wakefield Ireland Limited IRELAND 1,000,000 EUR 100.000% Cushman & Wakefield International Holdings Limited Partnership 100.000% 100.000% Cushman & Wakefield K.K. JAPAN 200 YEN 100.000% C&W-Japan K.K. 100.000% 100.000% Cushman & Wakefield Korea Ltd. SOUTH KOREA 100,000 Korean Won 100.000% Cushman & Wakefield Singapore Holdings Pte. Limited 100.000% 100.000% Cushman & Wakefield Ltd. CANADA 11,000 CAD 100.000% Cushman & Wakefield Canada Limited Partnership 100.000% 100.000% Cushman & Wakefield LLC UKRAINE 50,500 UA H 100.000% Cus hman & Wakef ield EMEA 99.000% 99.000% Healey & Baker Limited 1.000% 1.000% Cushman & Wakefield LLP UNITED KINGDOM N/A GBP 100.000% Cushman & Wakefield (UK) Limited 99.000% 99.000% Individual Equity Partners 1.000% 1.000% Cushman & Wakefield Loan.Net, Inc. USA 20 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield Management Corporation USA 100,000 USD 100.000% Cushman & Wakefield State Street, Inc. 100.000% 100.000% Cushman & Wakefield Management Services (UK) Limited UNITED KINGDOM 500 GBP 100.000% Cushman & Wakefield Global Holdco Limited 100.000% 100.000% Cushman & Wakefield Mauritius Holdings, Inc. MAURITIUS 500,000 USD 100.000% Cushman & Wakefield of Asia Limited 100.000% 100.000% Cushman & Wakefield (Middle East) FZE UNITED A RA B EM IRA TES 1,000,000 USD 100.000% Cushman & Wakefield (France Holdings) SAS 100.000% 100.000% Cushman & Wakefield Mortgage Brokerage, Inc. USA 100 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield Netherlands B.V. NETHERLANDS 40,000 NLG 100.000% Cushman & Wakefield (France Holdings) SAS 100.000% 100.000% Cushman & Wakefield of Alabama, Inc. USA 1,000 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield of Arizona, Inc. USA 10 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield of Arkansas, Inc. USA 200 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield of Asia Limited BRITISH VIRGIN ISLANDS 979,152 USD 59.710% Cushman & Wakefield of Asia, Inc. 59.710% 59.710% 25.000% Cushman & Wakefield (BVI), Inc. 25.000% 25.000% Cushman & Wakefield (EMEA) Limited 15.290% 15.290% Cushman & Wakefield of Asia, Inc. USA 200 USD 100.000% Cushman & Wakefield International, Inc. 100.000% 100.000% Cushman & Wakefield of California, Inc. USA 1,000 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield of Colorado, Inc. USA 800 USD 80.000% Cushman & Wakefield, Inc. 80.000% 80.000% Cushman & Wakefield of Connecticut, Inc. USA 1,000 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield of Delaw are, Inc. USA 200 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield of Europe, Inc. USA 200 USD 100.000% Cushman & Wakefield International, Inc. 100.000% 100.000% Cushman & Wakefield of Florida, Inc. USA 1,000 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield of Georgia, Inc. USA 200 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield of Illinois, Inc. USA 1 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield of Indiana, Inc. USA 5 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield of Kentucky, Inc. USA 1,000 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield of Long Island, Inc. USA 200 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield of Maryland, Inc. USA 100 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield of Massachusetts, Inc. USA 100 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield of Michigan, Inc. USA 1,000 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield of Minnesota, Inc. USA 100 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield of Mississippi, Inc. USA 1,000 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield of Missouri, Inc. USA 100 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield of Nevada, Inc. USA 200 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield of New Hampshire, Inc. USA 100 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield of New Jersey, Inc. USA 100 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield of New York, Inc. USA 200 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield of North America, Inc. USA 200 USD 100.000% Cushman & Wakefield International, Inc. 100.000% 100.000% Cushman & Wakefield of North Carolina, Inc. USA 1,000 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield of Ohio, Inc. USA 500 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield of Oklahoma, Inc. USA 1,000 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield of Oregon, Inc. USA 1,010 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield of Pennsylvania, Inc. USA 14 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield of San Diego, Inc. USA 1,000 USD 100.000% Cushman & Wakefield of California, Inc. 100.000% 100.000%
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Investments of C&W Group consolidated on a line-by-line basis (percentage of EXOR Group consolidation: 78.40%)
Capital % of % of Group % interest Name Country stock at Currency Interest held by voting consolidation held 6/30/2010 rights Cushman & Wakefield of South America, Inc. USA 100 USD 100.000% Cushman & Wakefield International, Inc. 100.000% 100.000% Cushman & Wakefield of Tennessee, Inc. USA 1,000 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield of Texas, Inc. USA 1,000 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield of the Americas, Inc. USA 200 USD 100.000% Cushman & Wakefield International, Inc. 100.000% 100.000% Cushman & Wakefield of Virginia, Inc. USA 1,000 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield of Washington D.C., Inc. USA 1,000 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield of Washington, Inc. USA 50 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield One Court Square Cleaning, Inc. USA 100 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield Oy FINLAND 2,500 EUR 100.000% Cushman & Wakefield (EMEA) Limited 100.000% 100.000% Cushman & Wakefield Polska SP z.o.o. POLAND 135,588 Polish Zloty 100.000% Cushman & Wakefield (France Holdings) SAS 100.000% 100.000% Cushman & Wakefield Property Management Services India Private Limited INDIA 100,000 INR 100.000% Cushman & Wakefield India Private Limited 99.980% 99.980% Sanjay Verma as nominee for C&W India Private Ltd 0.020% 0.020% Cushman & Wakefield Property Services Slovakia, s.r.o SLOVAK REPUBLIC N/A EUR 100.000% Cushman & Wakefield, s.r.o. 100.000% 100.000% Cushman & Wakefield Investors - Americas, Inc. USA 100 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield Residential Limited UNITED KINGDOM 1,000 GBP 100.00% Cushman & Wakefield (EMEA) Limited 100.000% 100.000% C&W International Real Estate Kft. HUNGARY 3,000,000 Forint 100.000% Cushman & Wakefield Residential Limited 100.000% 100.000% Cushman & Wakefield, S. de R.L.de C.V. MEXICO 16,200,000 Pesos 100.000% Cushman & Wakefield de Mexico, S.A. de C.V 99.990% 99.990% Cushman & Wakefield of the Americas, Inc. 0.010% 0.010% Cushman & Wakefield SAS FRANCE 42,000 EUR 100.000% Cushman & Wakefield (France Holdings) SAS 100.000% 100.000% Cushman & Wakefield Second Nova Scotia ULC CANADA 100 CAD 100.000% Cushman & Wakefield International Finance Subsidiary, Inc. 100.000% 100.000% Cushman & Wakefield Securities, Inc. USA 100 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield Singapore Holdings Pte. Limited SINGAPORE 1,000 Singapore dollar 100.000% Cushman & Wakefield of Asia Limited 100.000% 100.000% Cushman & Wakefeild Sonnenblick Goldman of Calif ornia Inc USA 1 USD 100.000% Cushman & Wakefield Sonnenblick -Goldman LLC 100.000% 100.000% Cushman & Wakefield Sonnenblick- Goldman LLC USA N/A USD 65.000% Cushman & Wakefield Mortgage Brokerage, Inc. 65.000% 65.000% Steven A. Kohn 9.700% 9.700% Andrew S. Oliver 7.750% 7.750% Mark J. Gordon 7.750% 7.750% Robert B. Stiles 4.200% 4.200% Richard B. Sw artz 2.800% 2.800% Douglas P. Hercher 2.800% 2.800% Cushman & Wakefield Spain Limited UNITED KINGDOM 1,000 GBP 100.000% Cushman & Wakefield European Holdings, Inc. 100.000% 100.000% Cushman & Wakefield State Street, Inc. USA 100 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield Stiles & Riabokobylko Management ZAO RUSSIA 600 Roubles 100.000% Cushman & Wakefield (France Holdings) SAS 99.000% 99.000% Cushman & Wakefield International, Inc. 1.000% 1.000% Cushman & Wakefield Stiles & Riabokobylko OOO RUSSIA 600 Roubles 100.000% Cushman & Wakefield (France Holdings) SAS 99.000% 99.000% Cushman & Wakefield International, Inc. 1.000% 1.000% Cushman & Wakefield U.K. Limited Partnership UNITED KINGDOM N/A GBP 100.000% Cushman & Wakefield International Holdings Limited Partnership 98.000% 98.000% Cushman & Wakefield Global Holdco Limited 2.000% 2.000% Cushman & Wakefield V.O.F. NETHERLANDS EUR 99.000% Cushman & Wakefield, Netherlands B.V. 99.000% 99.000% Cushman & Wakefield Valuation Advisory Services (HK) Limited HONG KONG 2 HKDollar 100.000% Cushman & Wakefield (HK) Limited. 100.000% 100.000% Cushman & Wakefield VHS Pte Limited SINGAPORE 1 Singapore dollar 100.000% Cushman & Wakefield (S) Pte Limited 100.000% 100.000% Cushman & Wakefield (Vietnam) Limited VIETNAM VND 100.000% Cushman & Wakefield Singapore Holdings Pte. Ltd. 100.000% 100.000% Cushman & Wakefield Western, Inc. USA 1,000 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield, Inc. USA 100 USD 100.000% Cushman & Wakefield Holdings, Inc. 100.000% 100.000% Cushman & Wakefield, s. r. o. CZECH REPUBLIC 100,000 EUR 80.000% Cushman & Wakefield (France Holdings) SAS 80.000% 80.000% 20.000% Cushman & Wakefield Global Holdco Limited 20.000% 20.000% Cus hman & Wakef ield/PREMISY S Color ado, Inc . USA 80 USD 80.000% Cushman & Wakefield/Premisys, Inc. 80.000% 80.000% Cushman & Wakefield/PREMISYS, Inc. USA 97 USD 100.000% Cushfield, Inc. 100.000% 100.000% SG Securities Holdings LLC USA N/A USD 100.000% Cushman & Wakefield Sonnenblick- Goldman LLC 100.000% 100.000% SG Real Estate Securities LLC USA N/A USD 100.000% SG Securities Holdings LLC 100.000% 100.000% The Apartment Group LLC USA 200 USD 100.000% Cushman & Wakefield of Georgia, Inc. 100.000% 100.000% Cushman & Wakefield Property Management Services Ltd HUNGARY 3,000,000 Forint 100.000% Cushman & Wakefield International Real Estate Ltd 100.000% 100.000% PT Cushman & Wakefield Indonesia f/k/a PT Property Advisory Indonesia INDONESIA 5,000 IDR 98.000% Cushman & Wakefield Indonesia Holdings Private Limited 98.000% 98.000% INDONESIA IDR Mhandadjaja Sulaiman 2.000% 2.000%
Asset Services Cushman & Wakefield FM Limited Partnership CANADA N/A CAD 100.000% Cushman & Wakefield Canada Limited Partnership 99.000% 99.000% Cushman & Wakefield GP Inc 1.000% 1.000% Cushman & Wakefield GP Inc. CANADA 100 CAD 100.000% Cushman & Wakefield Canada Limited Partnership 100.000% 100.000% Cushman & Wakefield Asset Management, Inc. USA 1,000 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield Asset Management K.K. JAPAN 11,900 JPY 100.000% Cushman & Wakefield Investment Advisors K.K. 100.000% 100.000%
Holding Cushman & Wakefield (Properties) Limited UNITED KINGDOM 1 GBP 100.000% Cushman & Wakefield (EMEA) Limited 100.000% 100.000% Cushman & Wakefield (Resources) Limited UNITED KINGDOM N/A GBP 100.000% Cushman & Wakefield (EMEA) Limited 100.000% 100.000% Cushman & Wakefield Thailand Limited. THAILAND 8,000,000 THB 100.000% Cushman & Wakefield of Asia Limited 99.980% 99.980% Michael Thompson 0.010% 0.010% Apisit Limlongw ongse 0.010% 0.010%
LIST OF GROUP COMPANIES 87 BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 88
Investments of C&W Group consolidated on a line-by-line basis (percentage of EXOR Group consolidation: 78.40%)
Capital % of % of Gr oup % interest Name Country stock at Currency Interest held by voting consolidation held 6/30/2010 rights Healey & Baker Limited UNITED KINGDOM 2 GBP 100.000% Cushman & Wakefield (EMEA) Limited 100.000% 100.000% Cushman & Wakefield (France Holdings) SAS FRANCE 7,910,207 EUR 100.000% Cushman & Wakefield Global Holdco Limited 100.000% 100.000% Cushman & Wakefield International Holdings Limited Partnership UNITED KINGDOM N/A EUR 100.000% Cushman & Wakefield European Holdings, Inc 63.65317% 63.6532% Cushman & Wakefield of South America, Inc. 13.79753% 13.7975% Cushman & Wakefield, Inc. 22.17239% 22.1724% Cushman & Wakefield Gestion, Inc. 0.37691% 0.3769% Cushman & Wakefield Property Tax Services Paralegal Professional CorporCANADA CAD 100.000% Gerry Divaris 100.000% 100.000% Cushman & Wakefield Global Holdco Limited UNITED KINGDOM EUR 100.000% Cushman & Wakefield International Holdings Limited Partnership 100.000% 100.000%
Insurance Nottingham Indemnity, Inc. USA 100,000 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000%
REIT management Cushman & Wakefield Investment Management, Inc. USA 100 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield Realty Advisors, Inc. USA 100 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000%
Business Support Management Cushman & Wakefield Facilities Management, Inc. USA 100 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000%
Building Management Services Cushfield Maintenance Corp. USA 10 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushfield Maintenance West Corp. USA 1,000 USD 100.000% Buckbee Thorne & Co. 100.000% 100.000% Cushfield, Inc. USA 100 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield Asset Services Y.K. JAPAN 60 JPY 100.000% C&W-Japan K.K. 100.000% 100.000% Cushman & Wakefield National Corporation USA 5,100 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% C & W Operacion Inmobiliaria, S.A.de C.V. MEXICO 50,000 Pesos 100.000% Cushman & Wakefield, S. de RL de C.V. 99.996% 99.996% Cushman & Wakefield de Mexico, S.A. de C.C 0.004% 0.004%
Othe rs Cushman & Wakefield (BVI) Inc BRITISH VIRGIN ISLANDS 10,000 USD 100.000% Cushman & Wakefield of Asia, Inc. 99.990% 99.990% Cushman & Wakefield International Inc. 0.010% 0.010% Cushman & Wakefield Cleaning Services, Inc. USA 200 USD 100.000% Cushman & Wakefield, Inc. 100.000% 100.000% Cushman & Wakefield New Canada Limited Partnership CANADA N/A CAD 100.000% Cushman & Wakefield Canada Limited Partnership 99.990% 99.990% Cushman & Wakefield Second Nova Scotia ULC 0.010% 0.010% Farrell & Anderson Pty Limited AUSTRALIA AUD 100.000% Cushman & Wakefield (NSW) Pty Limited 100.000% 100.000% Cushman & Wakefield (NSW) Pty Limited AUSTRALIA AUD 100.000% Cushman & Wakefield (Australia) Pty Limited 100.000% 100.000% Cushman & Wakefield Advisory Asia (India) Private Limited INDIA INR 99.000% Cushman & Wakefield Capital Holdings (Asia) 99.000% 99.000% 1.000% Cushman & Wakefield Capital Asia Limited 1.000% 1.000% Cushman & Wakefield Holding Pty Limited AUSTRALIA 1 AUD 100.000% Cushman & Wakefield Singapore Holdings Private Limited 100.000% 100.000% Cushman & Wakefield Servicios, S.A. de C.V MEXICO 50,000 Pesos 100.000% Cushman & Wakefield, S. de RL de C.V. 99.996% 99.996% Cushman & Wakefield de Mexico, S.A. de C.V. 0.004% 0.004% Cushman & Wakefield Operacion de Servicios, S.A. de C.V. MEXICO 50,000 Pesos 100.000% Cushman & Wakefield, S. de RL de C.V. 99.996% 99.996% Cushman & Wakefield de Mexico, S.A. de C.V. 0.004% 0.004% Cushman & Wakefield Capital Asia Limited HONG KONG 100 HKDollar 100.000% Cushman & Wakefield of Asia, Inc. 100.000% 100.000% Cushman & Wakefield Capital Asia (HK) Limited HONG KONG 100,000,000 HKDollar 100.000% Cushman & Wakefield Capital Holdings (Asia) 100.000% 100.000%
88 LIST OF GROUP COMPANIES BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 89
Investments of the Alpitour Group consolidated on a line-by-line basis (percentage of EXOR Group consolidation: 100%)
% % Capital stock % of Group interest of voting Name Country at 6/30/ 2010 Currency consolidation Interest held by held rights
Hotel management ALPITOUR ESPANA S.L. UNIPERSONAL SPAIN 22,751,000.00 EURO 100.000 ALPITOUR S.p.A. 100.000 100.000 ALPITURISMO SERVICES OF TOURISM, SOCIEDADE PORTUGAL 2,494,000.00 EURO 100.000 ALPITOUR S.p.A. 100.000 100.000 UNIPESSOA L, L DA A LPITOUR WORLD HOTELS & RESORTS S.p.A . ITA LY 140,385.00 EURO 100.000 A LPITOUR S.p.A . 100.000 100.000 BLUMA RIN HOTELS, SOCIEDA DE UNIPESSOA L, BLUMA RIN DE IMPORTA ÇA O, SOCIEDA D UNIPESSOA L, S.A . CA PE V ERDE 5,000,000 CV E 100.000 100.000 100.000 S.A. A L PITURISMO SERV ICES OF TOURISM, BLUMA RIN HOTELS, SOCIEDA DE UNIPESSOA L, S.A . CA PE V ERDE 2,500,000 CV E 100.000 100.000 100.000 SOCIEDA DE UNIPESSOA L, LDA BLUMARIN HOTELS SICILIA S.p.A. ITALY 38,000,000.00 EURO 100.000 ALPITOUR S.p.A. 100.000 100.000 D.I. RESORTS PRIV A TE LTD MA LDIV ES 100,000 MV R 100.000 A LPITOUR S.p.A . 99.000 99.000 JUMBOTURISMO S.A. UNIPERSONAL 1.000 1.000 ITALIAN EGYPTIAN COMPANY FOR TOURISTIC EL- MA SRIEN FOR HOTELS A ND SHIPPING CONSTRUCTION EGY PT 4,000,000 EGP 100.000 100.000 100.000 INVESTMENT (S.A.E.) HA RROW TRA DING E INV ESTIMENTOS SOCIEDA DE ALPITURISMO SERVICES OF TOURISM, PORTUGAL 5,000.00 EURO 100.000 100.000 100.000 UNIPESSOA L LDA SOCIEDA DE UNIPESSOA L, LDA ITALIAN EGYPTIAN COMPANY FOR TOURISTIC INVESTMENT EGY PT 4,536,000 EGP 100.000 A LPITOUR WORLD HOTELS & RESORTS S.p.A . 100.000 100.000 (S.A.E.) LIDO ARENELLA di DI MAURO GIOVANNI Srl SIRACUSA 100,000.00 EURO 100.000 BLUMARIN HOTELS SICILIA S.p.A. 100.000 100.000 KIWENGWA STRA ND HOTEL LTD. TA NZA NIA 1,480,000,000 TZS 100.000 JUMBOTURISMO S.A . UNIPERSONA L 99.000 99.000 ALPITURISMO SERVICES OF TOURISM, 1.000 1.000 SOCIEDADE UNIPESSOAL, LDA NETRA DE S.p.A . ITA LY 300,000.00 EURO 100.000 A LPITOUR WORLD HOTELS & RESORTS S.p.A . 100.000 100.000 ITALIAN EGYPTIAN COMPANY FOR TOURISTIC ORIENT SHIPPING FOR FLOA TING HOTELS EGY PT 1,450,000 EGP 100.000 100.000 100.000 INV ESTMENT (S.A .E.) RENTHOTEL MEXICO S.A . DE C.V . MEXICO 50,000 MXP 98.000 JUMBOTURISMO S.A . UNIPERSONA L 98.000 98.000 RENTHOTEL TRA V EL SERV ICE S.A . UNIPERSONA L SPA IN 1,562,860.00 EURO 100.000 JUMBOTURISMO S.A . UNIPERSONA L 100.000 100.000 HARROW TRADING E INVESTIMENTOS RIVIERA AZUL S.A. DE C.V. MEXICO 50,000 MXP 96.000 96.000 96.000 SOCIEDADE UNIPESSOAL LDA S.T. RESORTS PRIVATE LTD. MALDIVES 100,000 MVR 50.000 ALPITOUR S.p.A. 50.000 50.000 STAR RESORT & HOTELS COMPANY PVT LTD. MALDIVES 1,000,000 MVR 100.000 ALPITOUR S.p.A. 99.000 99.000 JUMBOTURISMO S.A . UNIPERSONA L 1.000 1.000
Insurance ALPITURISMO SERVICES OF TOURISM, ALPITOUR REINSURANCE COMPANY LIMITED IRELAND 2,500,000.00 EURO 100.000 100.000 100.000 SOCIEDADE UNIPESSOAL, LDA
Distribution (Travel agency) AGENZIA VIAGGI SAUGO S.r.l. ITALY 20,938.00 EURO 100.000 WELCOME TRAVEL GROUP S.p.A. 100.000 100.000 ALPITURISMO SERVICES OF TOURISM, BLUE VIAGGI S.A. SWITZERLAND 100,000.00CHF 100.000 100.000 100.000 SOCIEDA DE UNIPESSOA L, LDA WELCOME TRAVEL GROUP S.p.A. ITALY 3,939,855.00 EURO 100.000 ALPITOUR S.p.A. 100.000 100.000
Incoming services ALPITOUR GROUP EGYPT FOR TOURISM S.A.E. EGYPT 2,000,000 EGP 50.000 ALPITOUR S.p.A 50.000 50.000 A L PITURISMO SERV ICES OF TOURISM, CONSORCIO TURISTICO PA NMEX S.A . DE C.V . MEXICO 50,000 MXP 70.000 70.000 70.000 SOCIEDA DE UNIPESSOA L, LDA JUMBO CA NA RIA S S.A . UNIPERSONA L SPAIN 180,300 EURO 100.000 JUMBOTURISMO S.A. UNIPERSONAL 100.000 100.000 JUMBO TOURS DOMINICA NA S.A . DOMINICA N REP. 1,000,000 DOP 99.990 JUMBOTURISMO S.A . UNIPERSONA L 99.990 99.990 JUMBO TOURS ESPANA S.L. UNIPERSONAL 0.010 0.010 JUMBO TOURS ESPANA S.L. UNIPERSONAL SPAIN 904,505.00 EURO 100.000 JUMBOTURISMO S.A. UNIPERSONAL 100.000 100.000 JUMBO TOURS FRANCE S.A. FRANCE 37,000.00 EURO 99.940 JUMBOTURISMO S.A. UNIPERSONAL 99.940 99.940 JUMBO TOURS ITALIA S.r.l. ITALY 78,000.00 EURO 100.000 ALPITOUR S.p.A. 100.000 100.000 JUMBO TOURS MEXICO S.A. DE C.V. MEXICO 50,000 MXP 98.000 JUMBOTURISMO S.A. UNIPERSONAL 98.000 98.000 JUMBO TOURS TUNISIE S.A. TUNISIA 105,000 TUD 49.983 JUMBOTURISMO S.A. UNIPERSONAL 49.983 49.983 JUMBOTURISMO S.A. UNIPERSONAL SPAIN 364,927.20 EURO 100.000 ALPITOUR ESPANA S.L. UNIPERSONAL 100.000 100.000 JUMBOTURISMO CA BO V ERDE, A gencia de V iagens e Turismo, CA PE V ERDE 5,000,000 CV E 100.000 JUMBOTURISMO S.A . UNIPERSONA L 100.000 100.000 SOCIEDADE UNIPESSOAL, S.A. JUMBO MOROCCO INCOMING S.A . MOROCCO 400,000 MA D 99.850 JUMBOTURISMO S.A . UNIPERSONA L 99.850 99.850 PROMOTORA DE SERVICIOS TURISTICOS DE ESPANA EN MEXICO 50,000 MXP 98.000 JUMBOTURISMO S.A. UNIPERSONAL 98.000 98.000 MEXICO S.A . DE C.V . VALORE SICURO Srl ITALY 100,000.00 EURO 100.000 ALPITOUR S.p.A. 100.000 100.000
Tour operating A W EVENTS Srl ITALY 23,838.00 EURO 83.900 ALPITOUR S.p.A. 83.900 83.900 WELLTOUR Srl ITALY 750,000.00 EURO 80.000 ALPITOUR S.p.A. 80.000 80.000
Aviation NEOS S.p.A. ITALY 4,425,800.00 EURO 100.000 ALPITOUR S.p.A. 100.000 100.000 WELCOME TRAV EL GROUP S.p.A. 0.000 0.000
LIST OF GROUP COMPANIES 89 BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 90
Investments of the Holdings System accounted for by the equity method
% % Capital stock % of Group interest of voting Name Country at 6/30/2010 Currency consolidation Interest held by held rights
Holding companies and Other companies
SEQUANA S.A. FRANCE 74,317,503 EURO 26.79 EXOR S.A . 26.649 26.649
FIAT S.p.A. (a) ITALY 6,377,262,975 EURO 29.59 FIAT S.p.A. 3.024 3.531 (*)
EXOR S.p.A . 28.696 30.450
(a) The companies of the Fiat Group are presented separately. (*) Voting suspended.
Investments of C&W Group consolidated on a line-by-line basis (percentage of EXOR Group consolidation: 78.40%)
Capital % % of % of Group Name Country stock at Currency Interest held by interest voting consolidation 6/30/2010 held rights ASSET SERVICES Corporate Occupier Solutions Limited UNITED KINGDOM 180,100 GBP 50.000% Cushman & Wakefield (EMEA) Limited. 50.000% 50.000% Cushman & Wakefield Facility Management Services CANADA 1,000 CAD 50.000% Cushman & Wakefield FM Limited Partnership 50.000% 50.000% 1,000 CAD Cushman & Wakefield Ltd. 50.000% 50.000%
Investments of the Alpitour Group consolidated on a line-by-line basis (percentage of EXOR Group consolidation: 100%)
% % Capital stock % of Group interest of voting Name Country at 6/30/2010 Currency consolidation Interest held by held rights
Hotel management BLUE DIV ING MEXICO S.A . DE C.V . MEXICO 50,000.00 MXP 49.000 JUMBOTURISMO S.A. UNIPERSONA L 49.000 49.000
Incoming services HOY VIAJAMOS S.A. SPAIN 732,032.74 EURO 28.629 JUMBOTURISMO S.A. UNIPERSONAL 28.629 28.629 ITALO HISPANA DE INVERSIONES S.L. SPAIN 3,005.06 EURO 30.000 ALPITOUR S.p.A. 30.000 30.000 JUMBO TOURS CA RIBE S.A . MEXICO 50,000.00 MXP 50.000 JUMBOTURISMO S.A . UNIPERSONA L 50.000 50.000 A LPITURISMO SERV ICES OF TOURISM, PANAFRICAN SERVICE S.A.R.L. TUNISIA 10,500 TND 50.000 50.000 50.000 SOCIEDA DE UNIPESSOA L, LDA PEMBA S.A. SPAIN 510,809.20 EURO 25.000 JUMBOTURISMO S.A. UNIPERSONAL 25.000 25.000 VIAJES MEDYMAR S.L. SPAIN 60,101.21 EURO 30.000 ALPITOUR S.p.A. 30.000 30.000
90 LIST OF GROUP COMPANIES BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 91
Significant investments of the Holdings System
% % Capital stock interest of voting Name Country at 6/30/2010 Currency Interest held by held rights
Holding companies and Other companies
GRUPPO BANCA LEONARDO S.p.A. ITALY 304,446,476 EURO EXOR S.A. 9.714 9.714
SGS S.A. SWITZERLAND 7,822,436 CHF EXOR S.A. 15.000 15.000
BANIJAY HOLDING S.A.S. FRANCE 2,057,501 EURO EXOR S.A. 17.088 17.172
NoCo A LP USA N.A. USD ANCOM USA INC 1.999 (a) N.A.
(a) Percentage holding in the limited partnership.
Significant investments of the Alpitour Group
% % Capital stock interest of voting Name Country at 6/30/2010 Currency Interest held by held rights
Distribution (Travel agency) AIRPORTS & TRAVEL S.r.l. ITALY 50,000.00 EURO WELCOME TRAVEL GROUP S.p.A. 49.000 49.000 WELCOME TRA V EL SUD S.r .l. ITA LY 100,000.00 EURO WELCOME TRA V EL GROUP S.p.A . 50.000 50.000
Incoming services CA LOBA NDE S.L. UNIPERSONA L SPA IN 453,755.00 EURO JUMBOTURISMO S.A . UNIPERSONA L 100.000 100.000
Investments of Almacantar
% % Capital stock interest of voting Name Country at 6/30/2010 Currency Interest held by held rights
Real estate sector
ALMACANTAR LIMITED UNITED KINGDOM 2GBPALMACANTAR S.A. 100.000 100.000
ALMACANTAR S.a.r.l. FRANCE 100,000 EURO ALMACANTAR S.A. 100.000 100.000
LIST OF GROUP COMPANIES 91 BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 92
The companies of the Fiat Group
In the half-year condensed consolidated financial statements of the EXOR Group at June 30, 2010 the investment in the Fiat Group (29.59% of capital stock outstanding) is accounted for by the equity method (please refer to Notes 2 and 31 in the half-year condensed consolidated financial statements).
For purposes of complete disclosure, this appendix shows the investments of the Fiat Group as they are presented in the half-year financial report at June 30, 2010 of the Fiat Group.
92 THE COMPANIES OF THE FIAT GROUP BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 93
The companies of the Fiat Group
THE COMPANIES OF THE FIAT GROUP AT 30 JUNE 2010
% of Group % interest % of voting Name Registered Office Country Share capital Currency consolidation Interest held by held rights CONTROLLING COMPANY Parent Company Fiat S.p.A. Turin Italy 6,377,262,975 EUR ------SUBSIDIARIES CONSOLIDATED ON A LINE-BY-LINE BASIS Fiat Group Automobiles Fiat Group Automobiles S.p.A. Turin Italy 745,031,979 EUR 100.00 Fiat S.p.A. 100.000
Abarth & C. S.p.A. Turin Italy 1,500,000 EUR 100.00 Fiat Group Automobiles S.p.A. 100.000
Alfa Romeo Automobiles S.p.A. Turin Italy 120,000 EUR 100.00 Fiat Group Automobiles S.p.A. 100.000
Alfa Romeo U.S.A. S.p.A. Turin Italy 120,000 EUR 100.00 Fiat Group Automobiles S.p.A. 100.000
Banco Fidis S.A. Betim Brazil 321,680,112 BRL 100.00 Fidis S.p.A. 75.000 Fiat Automoveis S.A. - FIASA 25.000
Customer Services Centre S.r.l. Turin Italy 2,500,000 EUR 100.00 Fiat Group Automobiles S.p.A. 100.000
Easy Drive S.r.l. Turin Italy 10,400 EUR 100.00 Fiat Group Automobiles S.p.A. 99.000 Fiat Center Italia S.p.A. 1.000
FGA Officine Automobilistiche Grugliasco S.p.A. Turin Italy 500,000 EUR 100.00 Fiat Group Automobiles S.p.A. 100.000
FGA Versicherungsservice GmbH Heilbronn Germany 26,000 EUR 100.00 Fiat Group Automobiles Germany AG 51.000 Rimaco S.A. 49.000
Fiat Auto Argentina S.A. Buenos Aires Argentina 476,464,366 ARS 100.00 Fiat Automoveis S.A. - FIASA 100.000 (business Fiat Group Automobiles)
Fiat Auto Poland S.A. Bielsko-Biala Poland 660,334,600 PLN 100.00 Fiat Group Automobiles S.p.A. 100.000
Fiat Auto S.A. de Ahorro para Fines Determinados Buenos Aires Argentina 109,535,149 ARS 100.00 Fiat Auto Argentina S.A. 100.000
Fiat Auto Var S.r.l. Turin Italy 7,370,000 EUR 100.00 Fiat Group Automobiles S.p.A. 100.000
Fiat Automobil Vertriebs GmbH Frankfurt Germany 8,700,000 EUR 100.00 Fiat Group Automobiles Germany AG 100.000
Fiat Automobiles S.p.A. Turin Italy 120,000 EUR 100.00 Fiat Group Automobiles S.p.A. 100.000
FIAT AUTOMOBILES SERBIA DOO KRAGUJEVAC Kragujevac Serbia 300,000,000 EUR 66.67 Fiat Group Automobiles S.p.A. 66.672
Fiat Automotive Finance Co. Ltd. Shanghai People's Rep.of China 500,000,000 CNY 100.00 Fidis S.p.A. 100.000
Fiat Automoveis S.A. - FIASA Betim Brazil 1,069,492,850 BRL 100.00 Fiat Group Automobiles S.p.A. 100.000 (business Fiat Group Automobiles)
Fiat Center (Suisse) S.A. Meyrin Switzerland 13,000,000 CHF 100.00 Fiat Group Automobiles Switzerland S.A. 100.000
Fiat Center Italia S.p.A. Turin Italy 2,000,000 EUR 100.00 Fiat Group Automobiles S.p.A. 100.000
Fiat CR Spol. S.R.O. Prague Czech Republic 1,000,000 CZK 100.00 Fiat Group Automobiles S.p.A. 100.000
Fiat Credito Compania Financiera S.A. Buenos Aires Argentina 223,129,357 ARS 100.00 Fidis S.p.A. 100.000
Fiat Finance Netherlands B.V. Amsterdam Netherlands 690,000,000 EUR 100.00 Fiat Group Automobiles S.p.A. 100.000
Fiat France Trappes France 235,480,520 EUR 100.00 Fiat Finance Netherlands B.V. 100.000
Fiat Group Automobiles Austria GmbH Vienna Austria 37,000 EUR 100.00 Fiat Finance Netherlands B.V. 100.000
Fiat Group Automobiles Belgium S.A. Brussels Belgium 24,100,000 EUR 100.00 Fiat Finance Netherlands B.V. 99.998 Fiat Group Automobiles Switzerland S.A. 0.002
Fiat Group Automobiles Denmark A/S Glostrup Denmark 55,000,000 DKK 100.00 Fiat Finance Netherlands B.V. 100.000
Fiat Group Automobiles Germany AG Frankfurt Germany 82,650,000 EUR 100.00 Fiat Finance Netherlands B.V. 99.000 Fiat Group Automobiles Switzerland S.A. 1.000
Fiat Group Automobiles Hellas S.A. Argyroupoli Greece 62,033,499 EUR 100.00 Fiat Finance Netherlands B.V. 100.000
Fiat Group Automobiles Ireland Ltd. Dublin Ireland 5,078,952 EUR 100.00 Fiat Finance Netherlands B.V. 100.000
Fiat Group Automobiles Japan K.K. Minatu-Ku. Tokyo Japan 420,000,000 JPY 100.00 Fiat Group Automobiles S.p.A. 100.000
Fiat Group Automobiles Maroc S.A. Casablanca Morocco 1,000,000 MAD 99.95 Fiat Group Automobiles S.p.A. 99.950
Fiat Group Automobiles Netherlands B.V. Lijnden Netherlands 5,672,250 EUR 100.00 Fiat Netherlands Holding N.V. 100.000
Fiat Group Automobiles Portugal, S.A. Alges Portugal 1,000,000 EUR 100.00 Fiat Finance Netherlands B.V. 100.000 Fiat Group Automobiles South Africa (Proprietary) Ltd Johannesburg South Africa 640 ZAR 100.00 Fiat Group Automobiles S.p.A. 100.000
Fiat Group Automobiles Spain S.A. Alcalá De Henares Spain 8,079,280 EUR 100.00 Fiat Finance Netherlands B.V. 99.998 Fiat Group Automobiles Switzerland S.A. 0.002
Fiat Group Automobiles Sweden AB Kista Sweden 10,000,000 SEK 100.00 Fiat Group Automobiles S.p.A. 100.000
Fiat Group Automobiles Switzerland S.A. Schlieren Switzerland 21,400,000 CHF 100.00 Fiat Group Automobiles S.p.A. 100.000
Fiat Group Automobiles UK Ltd Slough Berkshire United Kingdom 44,600,000 GBP 100.00 Fiat Finance Netherlands B.V. 100.000
Fiat Magyarorszag Kereskedelmi KFT. Budapest Hungary 150,000,000 HUF 100.00 Fiat Group Automobiles S.p.A. 100.000
FIAT NORTH AMERICA LLC Wilmington U.S.A. 0 USD 100.00 Fiat Group Automobiles S.p.A. 60.000
Fiat Powertrain Technologies SpA 22.500 Fiat Auto Poland S.A. 17.500
Fiat Professional S.p.A. Turin Italy 120,000 EUR 100.00 Fiat Group Automobiles S.p.A. 100.000
THE COMPANIES OF THE FIAT GROUP 93 BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 94
The companies of the Fiat Group
SUBSIDIARIES CONSOLIDATED ON A LINE-BY-LINE BASIS (continued)
% of Group % interest % of voting Name Registered Office Country Share capital Currency consolidation Interest held by held rights
Fiat Real Estate Germany GmbH Frankfurt Germany 25,000 EUR 100.00 Fiat Automobil Vertriebs GmbH 100.000
Fiat SR Spol. SR.O. Bratislava Slovack Republic 33,194 EUR 100.00 Fiat Group Automobiles S.p.A. 100.000
Fidis S.p.A. Turin Italy 250,000,000 EUR 100.00 Fiat Group Automobiles S.p.A. 100.000
I.T.C.A. Produzione S.p.A. Grugliasco Italy 10,000,000 EUR 100.00 I.T.C.A. S.p.A. 100.000
I.T.C.A. S.p.A. Grugliasco Italy 2,000,000 EUR 100.00 Fiat Group Automobiles S.p.A. 100.000
i-FAST Automotive Logistics S.r.l. Turin Italy 1,250,000 EUR 100.00 Fiat Group Automobiles S.p.A. 100.000
i-FAST Container Logistics S.p.A. Turin Italy 2,500,000 EUR 100.00 Fiat Group Automobiles S.p.A. 100.000 International Metropolitan Automotive Promotion (France) S.A. Trappes France 2,977,680 EUR 100.00 Fiat France 99.997
Italian Automotive Center S.A. Brussels Belgium 13,500,000 EUR 100.00 Fiat Group Automobiles Belgium S.A. 99.988 Fiat Group Automobiles S.p.A. 0.012
Italian Motor Village Ltd. Slough Berkshire United Kingdom 1,500,000 GBP 100.00 Fiat Group Automobiles UK Ltd 100.000
Italian Motor Village S.A. Alges Portugal 50,000 EUR 100.00 Fiat Group Automobiles Portugal, S.A. 100.000
Italian Motor Village, S.L. Alcalá De Henares Spain 1,454,420 EUR 100.00 Fiat Group Automobiles Spain S.A. 100.000
Iveco Latin America Ltda Vila da Serra Brazil 334,720,744 BRL 100.00 Iveco España S.L. 51.000 (business Fiat Group Automobiles) Fiat Group Automobiles S.p.A. 49.000
Lancia Automobiles S.p.A. Turin Italy 120,000 EUR 100.00 Fiat Group Automobiles S.p.A. 100.000
Mecaner S.A. Urdùliz Spain 3,000,000 EUR 100.00 Fiat Group Automobiles S.p.A. 100.000 Sata-Società Automobilistica Tecnologie Avanzate S.p.A. Melfi Italy 276,640,000 EUR 100.00 Fiat Group Automobiles S.p.A. 100.000 Società di Commercializzazione e Distribuzione SCDR (Ireland) Limited Dublin Ireland 70,000 EUR 100.00 Ricambi S.p.A. in liquidation 100.000 Società di Commercializzazione e Distribuzione SCDR (Switzerland) S.A. in liquidation Schlieren Switzerland 100,000 CHF 100.00 Ricambi S.p.A. in liquidation 100.000 Società di Commercializzazione e Distribuzione SCDR Automotive Limited Slough Berkshire United Kingdom 50,000 GBP 100.00 Ricambi S.p.A. in liquidation 100.000 Società di Commercializzazione e Distribuzione Ricambi S.p.A. in liquidation Turin Italy 100,000 EUR 100.00 Fiat Group Automobiles S.p.A. 100.000
Maserati Maserati S.p.A. Modena Italy 40,000,000 EUR 100.00 Fiat S.p.A. 100.000
Maserati (Suisse) S.A. Schlieren Switzerland 250,000 CHF 100.00 Maserati S.p.A. 100.000
Maserati Deutschland GmbH Wiesbaden Germany 500,000 EUR 100.00 Maserati S.p.A. 100.000
Maserati GB Limited Slough Berkshire United Kingdom 20,000 GBP 100.00 Maserati S.p.A. 100.000
Maserati Japan KK Tokyo Japan 18,000,000 JPY 100.00 Maserati S.p.A. 100.000
Maserati North America Inc. Englewood Cliffs U.S.A. 1,000 USD 100.00 Maserati S.p.A. 100.000
Maserati West Europe societé par actions simplifiée Paris France 37,000 EUR 100.00 Maserati S.p.A. 100.000
Ferrari Ferrari S.p.A. Modena Italy 20,260,000 EUR 85.00 Fiat S.p.A. 85.000
410 Park Display Inc. New York U.S.A. 100 USD 85.00 Ferrari N.America Inc. 100.000
Ferrari Deutschland GmbH Wiesbaden Germany 1,000,000 EUR 85.00 Ferrari S.p.A. 100.000
Ferrari Financial Services AG Munich Germany 1,777,600 EUR 76.50 Ferrari Financial Services S.p.A. 100.000
Ferrari Financial Services S.p.A. Modena Italy 5,100,000 EUR 76.50 Ferrari S.p.A. 90.000
Ferrari Financial Services, Inc. Wilmington U.S.A. 1,000 USD 76.50 Ferrari Financial Services S.p.A. 100.000
Ferrari GE.D. S.p.A. Modena Italy 11,570,000 EUR 85.00 Ferrari S.p.A. 100.000
Ferrari Japan KK Tokyo Japan 160,050,000 JPY 85.00 Ferrari S.p.A. 100.000 Ferrari Management Consulting (Shanghai) CO., LTD Shanghai People's Rep.of China 2,100,000 USD 85.00 Ferrari S.p.A. 100.000 Ferrari Maserati Cars International Trading (Shanghai) Co. Ltd. Shanghai People's Rep.of China 3,000,000 USD 50.15 Ferrari S.p.A. 59.000 Ferrari Maserati Cars Sales and Services (Shanghai) CO.,LTD Shanghai People's Rep.of China 2,500,000 USD 85.00 Ferrari S.p.A. 100.000
Ferrari N.America Inc. Englewood Cliffs U.S.A. 200,000 USD 85.00 Ferrari S.p.A. 100.000
Ferrari North Europe Limited Slough Berkshire United Kingdom 50,000 GBP 85.00 Ferrari S.p.A. 100.000
Ferrari South West Europe S.A.R.L. Levallois-Perret France 172,000 EUR 85.00 Ferrari S.p.A. 100.000
GSA-Gestions Sportives Automobiles S.A. Meyrin Switzerland 1,000,000 CHF 85.00 Ferrari S.p.A. 100.000
Mugello Circuit S.p.A. Scarperia Italy 10,000,000 EUR 85.00 Ferrari S.p.A. 90.000 Ferrari GE.D. S.p.A. 10.000
Agricultural and Construction Equipment
CNH Global N.V. Amsterdam Netherlands 535,413,501 EUR 89.09 Fiat Netherlands Holding N.V. 89.034 89.092 CNH Global N.V. 0.065 0.000
Banco CNH Capital S.A. Curitiba Brazil 433,919,523 BRL 89.09 CNH Global N.V. 98.761 CNH Latin America Ltda. 1.239
Bli Group Inc. Wilmington U.S.A. 1,000 USD 89.09 CNH America LLC 100.000
Blue Leaf I.P. Inc. Wilmington U.S.A. 1,000 USD 89.09 Bli Group Inc. 100.000
Case Brazil Holdings Inc. Wilmington U.S.A. 1,000 USD 89.09 CNH America LLC 100.000
94 THE COMPANIES OF THE FIAT GROUP BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 95
The companies of the Fiat Group
SUBSIDIARIES CONSOLIDATED ON A LINE-BY-LINE BASIS (continued)
% of Group % interest % of voting Name Registered Office Country Share capital Currency consolidation Interest held by held rights
Case Canada Receivables, Inc. Calgary Canada 1 CAD 89.09 CNH Capital America LLC 100.000
Case Construction Machinery (Shanghai) Co., Ltd Shanghai People's Rep.of China 5,000,000 USD 89.09 CNH Global N.V. 100.000
Case Credit Holdings Limited Wilmington U.S.A. 5 USD 89.09 CNH Capital America LLC 100.000
Case Dealer Holding Company LLC Wilmington U.S.A. 1 USD 89.09 CNH America LLC 100.000
Case Equipment Holdings Limited Wilmington U.S.A. 5 USD 89.09 CNH America LLC 100.000
Case Equipment International Corporation Wilmington U.S.A. 1,000 USD 89.09 CNH America LLC 100.000
Case Europe S.a.r.l. Le Plessis-Belleville France 7,622 EUR 89.09 CNH America LLC 100.000
Case Harvesting Systems GmbH Berlin Germany 281,211 EUR 89.09 CNH America LLC 100.000
CASE IH Machinery Trading (Shanghai) Co. Ltd. Shanghai People's Rep.of China 2,250,000 USD 89.09 CNH America LLC 100.000
Case India Limited Wilmington U.S.A. 5 USD 89.09 CNH America LLC 100.000
Case International Marketing Inc. Wilmington U.S.A. 5 USD 89.09 CNH America LLC 100.000
Case LBX Holdings Inc. Wilmington U.S.A. 5 USD 89.09 CNH America LLC 100.000
Case New Holland Inc. Wilmington U.S.A. 5 USD 89.09 CNH Global N.V. 100.000
Case New Holland Machinery (Harbin) Ltd. Harbin People's Rep.of China 2,859,091 USD 89.09 CNH Asian Holding Limited N.V. 99.000 CNH Europe Holding S.A. 1.000
Case United Kingdom Limited Basildon United Kingdom 3,763,618 GBP 89.09 CNH America LLC 100.000
CNH Administradora de Serviços Ltda. Curitiba Brazil 100,000 BRL 89.09 Banco CNH Capital S.A. 99.900 CNH Latin America Ltda. 0.100
CNH Agriculture Receivables LLC Wilmington U.S.A. 0 USD 89.09 CNH Capital America LLC 100.000
CNH America LLC Wilmington U.S.A. 0 USD 89.09 Case New Holland Inc. 100.000
CNH Argentina S.A. Buenos Aires Argentina 29,611,105 ARS 89.09 New Holland Holding (Argentina) S.A. 80.654 CNH Latin America Ltda. 19.346
CNH Asian Holding Limited N.V. Zedelgem Belgium 34,594,401 EUR 89.09 CNH Global N.V. 100.000
CNH Australia Pty Limited St. Marys Australia 306,785,439 AUD 89.09 CNH Global N.V. 100.000
CNH Baumaschinen GmbH Berlin Germany 61,355,030 EUR 89.09 CNH Europe Holding S.A. 100.000
CNH Belgium N.V. Zedelgem Belgium 27,268,300 EUR 89.09 CNH Europe Holding S.A. 100.000
CNH Canada, Ltd. Toronto Canada 28,000,100 CAD 89.09 CNH Global N.V. 100.000
CNH Capital America LLC Wilmington U.S.A. 0 USD 89.09 CNH Capital LLC 100.000
CNH Capital Australia Pty Limited St. Marys Australia 83,249,000 AUD 89.09 CNH Australia Pty Limited 100.000
CNH Capital Benelux NV Zedelgem Belgium 61,500 EUR 89.09 CNH Global N.V. 98.999 CNH Capital U.K. Ltd 1.001
CNH Capital Canada Insurance Agency Ltd. Calgary Canada 1 CAD 89.09 CNH Capital Canada Ltd. 100.000
CNH Capital Canada Ltd. Calgary Canada 1 CAD 89.09 Case Credit Holdings Limited 99.500 CNH Canada, Ltd. 0.500 CNH Capital Equipment Loan and Lease Facility LLC Wilmington U.S.A. 5,000 USD 89.09 CNH Capital America LLC 100.000
CNH Capital Insurance Agency Inc. Wilmington U.S.A. 5 USD 89.09 CNH Capital America LLC 100.000
CNH Capital LLC Wilmington U.S.A. 0 USD 89.09 CNH America LLC 100.000
CNH Capital Receivables LLC Wilmington U.S.A. 0 USD 89.09 CNH Capital America LLC 100.000
CNH Capital U.K. Ltd Basildon United Kingdom 10,000,001 GBP 89.09 CNH Capital Benelux NV 100.000
CNH Componentes, S.A. de C.V. Queretaro Mexico 135,634,842 MXN 89.09 CNH America LLC 100.000
CNH Danmark A/S Hvidovre Denmark 12,000,000 DKK 89.09 CNH Europe Holding S.A. 100.000
CNH Deutschland GmbH Heilbronn Germany 18,457,650 EUR 89.09 CNH Baumaschinen GmbH 90.000 CNH Europe Holding S.A. 10.000
CNH Engine Corporation Wilmington U.S.A. 1,000 USD 89.09 CNH America LLC 100.000
CNH Europe Holding S.A. Luxembourg Luxembourg 53,000,000 USD 89.09 CNH Global N.V. 100.000
CNH Financial Services A/S Hvidovre Denmark 500,000 DKK 89.09 CNH Global N.V. 100.000
CNH Financial Services GmbH Heilbronn Germany 1,151,000 EUR 89.09 CNH Europe Holding S.A. 100.000
CNH Financial Services S.A.S. Morigny-Champigny France 50,860,641 EUR 89.09 CNH Global N.V. 98.888 CNH Capital Benelux NV 1.112
CNH France S.A. Morigny-Champigny France 138,813,150 EUR 89.09 CNH Europe Holding S.A. 100.000
CNH International S.A. Paradiso Switzerland 100,000 CHF 89.09 CNH Global N.V. 100.000
CNH Italia s.p.a. Modena Italy 15,600,000 EUR 89.09 CNH Osterreich GmbH 75.000 CNH Global N.V. 25.000
CNH Latin America Ltda. Contagem Brazil 847,210,015 BRL 89.09 CNH Global N.V. 85.658
Case Brazil Holdings Inc. 12.557 Case Equipment International Corporation 1.785
CNH Maquinaria Spain S.A. Coslada Spain 21,000,000 EUR 89.09 CNH Europe Holding S.A. 99.999
CNH Osterreich GmbH St. Valentin Austria 2,000,000 EUR 89.09 CNH Global N.V. 100.000
CNH Polska Sp. z o.o. Plock Poland 162,591,660 PLN 89.09 CNH Belgium N.V. 100.000
THE COMPANIES OF THE FIAT GROUP 95 BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 96
The companies of the Fiat Group
SUBSIDIARIES CONSOLIDATED ON A LINE-BY-LINE BASIS (continued)
% of Group % interest % of voting Name Registered Office Country Share capital Currency consolidation Interest held by held rights CNH Portugal-Comercio de Tractores e Maquinas Agricolas Ltda Carnaxide Portugal 498,798 EUR 89.09 CNH Europe Holding S.A. 99.980 CNH Italia s.p.a. 0.020
CNH Receivables LLC Wilmington U.S.A. 0 USD 89.09 CNH Capital America LLC 100.000
CNH Reman LLC Wilmington U.S.A. 4,000,000 USD 44.55 CNH America LLC 50.000
CNH Services (Thailand) Limited Bangkok Thailand 10,000,000 THB 89.09 CNH Services S.r.l. 99.997
CNH Services S.r.l. Modena Italy 10,400 EUR 89.09 CNH Italia s.p.a. 100.000
CNH Trade N.V. Amsterdam Netherlands 50,000 EUR 89.09 CNH Global N.V. 100.000
CNH U.K. Limited Basildon United Kingdom 91,262,275 GBP 89.09 CNH Osterreich GmbH 100.000
CNH Wholesale Receivables LLC Wilmington U.S.A. 0 USD 89.09 CNH Capital America LLC 100.000
CNH-KAMAZ Commercial B.V. Amsterdam Netherlands 18,000 EUR 89.09 CNH Global N.V. 100.000
Fiatallis North America LLC Wilmington U.S.A. 32 USD 89.09 CNH America LLC 100.000
Flagship Dealer Holding Company, LLC Wilmington U.S.A. 1 USD 89.09 CNH America LLC 100.000
Flexi-Coil (U.K.) Limited Basildon United Kingdom 3,291,776 GBP 89.09 CNH Canada, Ltd. 100.000
HFI Holdings Inc. Wilmington U.S.A. 1,000 USD 89.09 CNH America LLC 100.000
JV Uzcaseagroleasing LLC Tashkent Uzbekistan 0 USD 45.44 Case Credit Holdings Limited 51.000
JV UzCaseMash LLC Tashkent Uzbekistan 0 USD 53.46 Case Equipment Holdings Limited 60.000
JV UzCaseService LLC Tashkent Uzbekistan 0 USD 45.44 Case Equipment Holdings Limited 51.000
JV UzCaseTractor LLC Tashkent Uzbekistan 0 USD 45.44 Case Equipment Holdings Limited 51.000
Kobelco Construction Machinery America LLC Wilmington U.S.A. 0 USD 57.91 New Holland Excavator Holdings LLC 65.000 Limited Liability Company "CNH Parts and Service Operations" Moscow Russia 54,000,000 RUB 89.09 CNH Global N.V. 100.000
MBA AG Bassersdorf Switzerland 4,000,000 CHF 89.09 CNH Global N.V. 100.000
New Holland Credit Company, LLC Wilmington U.S.A. 0 USD 89.09 CNH Capital LLC 100.000
New Holland Excavator Holdings LLC Wilmington U.S.A. 0 USD 89.09 CNH America LLC 100.000
New Holland Fiat (India) Private Limited Mumbai India 12,485,547,400 INR 89.48 CNH Asian Holding Limited N.V. 96.407 48.965 Fiat Group Automobiles S.p.A. 3.593 51.035
New Holland Holding (Argentina) S.A. Buenos Aires Argentina 23,555,415 ARS 89.09 CNH Latin America Ltda. 100.000
New Holland Holding Limited Basildon United Kingdom 106,328,601 GBP 89.09 CNH Europe Holding S.A. 100.000
New Holland Kobelco Construction Machinery S.p.A. San Mauro Torinese Italy 80,025,291 EUR 66.49 CNH Italia s.p.a. 74.625
New Holland Ltd Basildon United Kingdom 1,000,000 GBP 89.09 CNH Global N.V. 100.000
New Holland Tractor Ltd. N.V. Antwerp Belgium 9,631,500 EUR 89.09 New Holland Holding Limited 100.000
O & K - Hilfe GmbH Berlin Germany 25,565 EUR 89.09 CNH Baumaschinen GmbH 100.000
Pryor Foundry Inc. Oklahoma City U.S.A. 1,000 USD 89.09 CNH America LLC 100.000
Receivables Credit II Corporation Calgary Canada 1 CAD 89.09 CNH Capital America LLC 100.000 Shanghai New Holland Agricultural Machinery Corporation Limited Shanghai People's Rep.of China 35,000,000 USD 53.46 CNH Asian Holding Limited N.V. 60.000
Steyr Center Nord GmbH Ruckersdorf-Harmanns Austria 35,000 EUR 89.09 CNH Osterreich GmbH 100.000
Trucks and Commercial Vehicles
Iveco S.p.A. Turin Italy 369,500,000 EUR 100.00 Fiat S.p.A. 100.000 (business Trucks and Commercial Vehicles)
Afin Bohemia s.r.o. Prague Czech Republic 1,000,000 CZK 100.00 Afin Leasing AG 100.000
Afin Broker de Asigurare - Reasigurare S.r.l. Bucharest Romenia 25,000 RON 100.00 Afin Leasing Ifn s.a. 100.000
Afin Bulgaria EAD Sofia Bulgaria 200,000 BGN 100.00 Afin Leasing AG 100.000
Afin Hungary Kereskedelmi KFT. Budapest Hungary 24,000,000 HUF 100.00 Afin Leasing AG 100.000
Afin Leasing AG Vienna Austria 1,500,000 EUR 100.00 Iveco International Trade Finance S.A. 100.000
Afin Leasing Ifn s.a. Bucharest Romenia 77,163,680 RON 100.00 Afin Leasing AG 99.800
Afin Bohemia s.r.o. 0.050
Afin Bulgaria EAD 0.050
Afin Hungary Kereskedelmi KFT. 0.050 Afin Slovakia S.R.O. 0.050
Afin Slovakia S.R.O. Bratislava Slovack Republic 39,833 EUR 100.00 Afin Leasing AG 100.000
Afin Trade Bulgaria Eood Sofia Bulgaria 5,000 BGN 100.00 Afin Bulgaria EAD 100.000
Amce-Automotive Manufacturing Co.Ethiopia Addis Ababa Ethiopia 12,000,000 ETB 70.00 Iveco S.p.A. 70.000
AS Afin Baltica Harjumaa Estonia 800,000 EEK 100.00 Afin Leasing AG 100.000
Astra Veicoli Industriali S.p.A. Piacenza Italy 10,400,000 EUR 100.00 Iveco S.p.A. 100.000
Effe Grundbesitz GmbH Ulm Germany 10,225,838 EUR 100.00 Iveco Investitions GmbH 90.000 Iveco S.p.A. 10.000
F. Pegaso S.A. Madrid Spain 993,045 EUR 100.00 Iveco España S.L. 99.996 Iveco Partecipazioni Finanziarie S.r.l. 0.004
Heuliez Bus S.A. Rorthais France 9,000,000 EUR 100.00 Société Charolaise de Participations S.A. 100.000
IAV-Industrie-Anlagen-Verpachtung GmbH Ulm Germany 25,565 EUR 100.00 Iveco Investitions GmbH 95.000 Iveco S.p.A. 5.000
96 THE COMPANIES OF THE FIAT GROUP BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 97
The companies of the Fiat Group
SUBSIDIARIES CONSOLIDATED ON A LINE-BY-LINE BASIS (continued)
% of Group % interest % of voting Name Registered Office Country Share capital Currency consolidation Interest held by held rights
Ikarus Egyedi Autobusz GY Budapest Hungary 46,280,000 HUF 89.09 Iveco España S.L. 89.088
Industrial Vehicles Center Hainaut S.A. Charleroi Belgium 600,000 EUR 100.00 S.A. Iveco Belgium N.V. 95.000 Iveco Nederland B.V. 5.000
Irisbus (U.K.) Ltd Watford United Kingdom 200,000 GBP 100.00 Iveco España S.L. 100.000
Irisbus Australia Pty. Ltd. Dandenong Australia 6,123,391 AUD 100.00 Iveco España S.L. 100.000
Irisbus Benelux Ltd. Leudelange Luxembourg 594,000 EUR 100.00 Iveco France 99.983 Société Charolaise de Participations S.A. 0.017
Irisbus Deutschland GmbH Unterschleissheim Germany 3,800,000 EUR 100.00 Iveco España S.L. 100.000
Irisbus Italia S.p.A. Turin Italy 4,500,000 EUR 100.00 Iveco España S.L. 100.000
IVC Brabant N.V. S.A. Groot Belgium 800,000 EUR 100.00 S.A. Iveco Belgium N.V. 75.000 Iveco Nederland B.V. 25.000
Iveco (Schweiz) AG Kloten Switzerland 9,000,000 CHF 100.00 Iveco Nederland B.V. 100.000 Samandira- Iveco Arac Sanayi VE Ticaret A.S. Kartal/Istanbul Turkey 12,879,000 TRY 99.96 Iveco S.p.A. 99.960
Iveco Argentina S.A. Cordoba Argentina 130,237,793 ARS 100.00 Iveco España S.L. 99.000 Astra Veicoli Industriali S.p.A. 1.000
Iveco Austria GmbH Vienna Austria 6,178,000 EUR 100.00 Iveco S.p.A. 100.000
Iveco Bayern GmbH Nuremberg Germany 742,000 EUR 100.00 Iveco Magirus AG 100.000
Iveco Capital SA Paradiso Switzerland 14,000,000 CHF 100.00 Iveco Partecipazioni Finanziarie S.r.l. 100.000
Iveco Contract Services Limited Watford United Kingdom 17,000,000 GBP 100.00 Iveco Partecipazioni Finanziarie S.r.l. 100.000
Iveco Czech Republic A.S. Vysoke Myto Czech Republic 1,065,559,000 CZK 97.98 Iveco France 97.978
Iveco Danmark A/S Glostrup Denmark 501,000 DKK 100.00 Iveco S.p.A. 100.000
Iveco España S.L. Madrid Spain 121,612,116 EUR 100.00 Iveco S.p.A. 100.000 (business Trucks and Commercial Vehicles)
Iveco Est Sas Hauconcourt France 2,005,600 EUR 100.00 Iveco France 100.000
Iveco France Vénissieux France 92,856,130 EUR 100.00 Iveco España S.L. 50.326 Iveco S.p.A. 49.674
Iveco Holdings Limited Watford United Kingdom 47,000,000 GBP 100.00 Iveco S.p.A. 100.000
Iveco Insurance Vostok LLC Moscow Russia 740,000 RUB 100.00 Afin Leasing AG 100.000
Iveco International Trade Finance S.A. Paradiso Switzerland 30,800,000 CHF 100.00 Iveco Partecipazioni Finanziarie S.r.l. 100.000
Iveco Investitions GmbH Ulm Germany 2,556,459 EUR 100.00 Iveco Magirus AG 99.020 Iveco S.p.A. 0.980
Iveco L.V.I. S.a.s. Saint Priest France 503,250 EUR 100.00 Iveco France 100.000
Iveco Latin America Ltda Vila da Serra Brazil 334,720,744 BRL 100.00 Iveco España S.L. 51.000 (business Trucks and Commercial Vehicles) Fiat Group Automobiles S.p.A. 49.000
Iveco Limited Watford United Kingdom 117,000,000 GBP 100.00 Iveco Holdings Limited 100.000 (business Trucks and Commercial Vehicles)
Iveco Magirus AG Ulm Germany 50,000,000 EUR 100.00 Iveco S.p.A. 53.660 (business Trucks and Commercial Vehicles) Fiat Netherlands Holding N.V. 46.340
Iveco Magirus Brandschutztechnik GmbH Ulm Germany 6,493,407 EUR 100.00 Iveco Magirus Fire Fighting GmbH 99.764 Iveco S.p.A. 0.236
Iveco Magirus Brandschutztechnik GmbH Kainbach Austria 1,271,775 EUR 95.00 Iveco Magirus Brandschutztechnik GmbH 95.000
Iveco Magirus Brandschutztechnik Gorlitz GmbH Gürlitz Germany 511,292 EUR 88.00 Iveco Magirus Brandschutztechnik GmbH 88.000
Iveco Magirus Fire Fighting GmbH Weisweil Germany 30,776,857 EUR 100.00 Iveco Magirus AG 90.032 Iveco S.p.A. 9.968 Iveco Magirus Firefighting CAMIVA S.a.s. (societè par actions simplifièe) Saint-Alban-Leysse France 1,870,169 EUR 100.00 Iveco Magirus Fire Fighting GmbH 100.000
Iveco Nederland B.V. Andelst Netherlands 4,537,802 EUR 100.00 Fiat Netherlands Holding N.V. 100.000
Iveco Nord Nutzfahrzeuge GmbH Hamburg Germany 1,611,500 EUR 100.00 Iveco Magirus AG 100.000
Iveco Nord-Ost Nutzfahrzeuge GmbH Berlin Germany 2,120,000 EUR 100.00 Iveco Magirus AG 100.000
Iveco Norge A.S. Voyenenga Norway 18,600,000 NOK 100.00 Iveco S.p.A. 100.000 Samandira- Iveco Otomotiv Ticaret A.S. Kartal/Istanbul Turkey 15,060,046 TRY 100.00 Iveco S.p.A. 100.000 Iveco Partecipazioni Finanziarie S.r.l. Turin Italy 50,000,000 EUR 100.00 Iveco S.p.A. 100.000
Iveco Participations S.A. Trappes France 1,000,000 EUR 100.00 Iveco S.p.A. 100.000
Iveco Pension Trustee Ltd Watford United Kingdom 2 GBP 100.00 Iveco Holdings Limited 50.000 Iveco Limited 50.000
Iveco Poland Ltd. Warsaw Poland 46,974,500 PLN 100.00 Iveco S.p.A. 100.000
Iveco Portugal-Comercio de Veiculos Industriais S.A. Vila Franca de Xira Portugal 15,962,000 EUR 100.00 Iveco S.p.A. 99.997 Astra Veicoli Industriali S.p.A. 0.001
THE COMPANIES OF THE FIAT GROUP 97 BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 98
The companies of the Fiat Group
SUBSIDIARIES CONSOLIDATED ON A LINE-BY-LINE BASIS (continued)
% of Group % interest % of voting Name Registered Office Country Share capital Currency consolidation Interest held by held rights
Iveco Romania S.r.l. Bucharest Romenia 17,500 RON 100.00 Afin Leasing AG 100.000
Iveco Slovakia, s.r.o. Bratislava Slovack Republic 6,639 EUR 97.98 Iveco Czech Republic A.S. 100.000
Iveco South Africa (Pty) Ltd. Vorna Valley - Midrand South Africa 15,000,750 ZAR 100.00 Iveco S.p.A. 100.000
Iveco Sud-West Nutzfahrzeuge GmbH Mannheim-Neckarau Germany 1,533,900 EUR 100.00 Iveco Magirus AG 100.000
Iveco Sweden A.B. Arlov Sweden 600,000 SEK 100.00 Iveco S.p.A. 100.000 (business Trucks and Commercial Vehicles)
Iveco Trucks Australia Limited Dandenong Australia 47,492,260 AUD 100.00 Iveco S.p.A. 100.000
Iveco Ukraine LLC Kiev Ukraine 49,258,692 UAH 100.00 Iveco S.p.A. 100.000
Iveco Venezuela C.A. La Victoria Venezuela 2,498,644 VEF 100.00 Iveco S.p.A. 100.000
Iveco West Nutzfahrzeuge GmbH Düsseldorf Germany 3,017,000 EUR 100.00 Iveco Magirus AG 100.000
Mediterranea de Camiones S.L. Valencia Spain 48,080 EUR 100.00 Iveco España S.L. 99.875 Iveco S.p.A. 0.125
Officine Brennero S.p.A. Trento Italy 2,833,830 EUR 100.00 Iveco S.p.A. 100.000
OOO Afin Leasing Vostok LLC Moscow Russia 50,000,000 RUB 100.00 Afin Leasing AG 100.000
OOO Iveco Russia Moscow Russia 868,545,000 RUB 100.00 Iveco S.p.A. 99.960 Afin Leasing AG 0.040
S.A. Iveco Belgium N.V. Groot Belgium 6,000,000 EUR 100.00 Iveco S.p.A. 99.983 Iveco Nederland B.V. 0.017
S.C.I. La Méditerranéenne Vitrolles France 248,000 EUR 100.00 Iveco France 50.000 Société de Diffusion de Vehicules Industriels- SDVI S.A.S. 50.000
Seddon Atkinson Vehicles Ltd Watford United Kingdom 41,700,000 GBP 100.00 Iveco Holdings Limited 100.000
Société Charolaise de Participations S.A. Vénissieux France 2,370,000 EUR 100.00 Iveco España S.L. 100.000 Société de Diffusion de Vehicules Industriels-SDVI S.A.S. Trappes France 7,022,400 EUR 100.00 Iveco France 100.000
Transolver Service S.A. Madrid Spain 610,000 EUR 100.00 Iveco Partecipazioni Finanziarie S.r.l. 100.000
Transolver Service S.p.A. Turin Italy 214,763 EUR 100.00 Iveco Partecipazioni Finanziarie S.r.l. 100.000
Transolver Services GmbH in liquidation Heilbronn Germany 750,000 EUR 100.00 Iveco Partecipazioni Finanziarie S.r.l. 100.000
UAB Afin Baltica (Lithuania) Vilnius Lithuania 138,500 LTL 100.00 Afin Leasing AG 100.000 Utilitaries & Véhicules Industriels Franciliens-UVIF SAS La Garenne France 1,067,500 EUR 100.00 Iveco France 100.000
Zona Franca Alari Sepauto S.A. Barcelona Spain 520,560 EUR 51.87 Iveco España S.L. 51.867 FPT Powertrain Technologies Fiat Powertrain Technologies SpA Turin Italy 525,000,000 EUR 100.00 Fiat S.p.A. 100.000
2 H Energy S.A.S. Fécamp France 2,000,000 EUR 100.00 Iveco Participations S.A. 100.000
C.R.F. Società Consortile per Azioni Orbassano Italy 45,000,000 EUR 99.27 Fiat Partecipazioni S.p.A. 52.061
(business FPT Powertrain Technologies) Fiat Group Automobiles S.p.A. 17.478
Iveco S.p.A. 9.987
Magneti Marelli S.p.A. 7.490
Fiat Powertrain Technologies SpA 4.994
CNH Italia s.p.a. 2.497
Comau S.p.A. 2.497
Teksid S.p.A. 2.497 Ferrari S.p.A. 0.499
Componentes Mecanicos S.A. Barcelona Spain 37,405,038 EUR 59.39 Iveco España S.L. 59.387
European Engine Alliance S.c.r.l. Turin Italy 32,044,797 EUR 96.36 Iveco S.p.A. 66.667 CNH Global N.V. 33.333
Fiat Auto Argentina S.A. Buenos Aires Argentina 476,464,366 ARS 100.00 Fiat Automoveis S.A. - FIASA 100.000 (business FPT Powertrain Technologies)
Fiat Automoveis S.A. - FIASA Betim Brazil 1,069,492,850 BRL 100.00 Fiat Group Automobiles S.p.A. 100.000 (business FPT Powertrain Technologies) Fiat Powertrain Technologies (Shanghai) R&D Co. Ltd. Shanghai People's Rep.of China 10,000,000 EUR 100.00 Fiat Powertrain Technologies SpA 100.000
Fiat Powertrain Technologies of North America, Inc. Wilmington U.S.A. 1 USD 100.00 Iveco S.p.A. 100.000 Fiat Powertrain Technologies Management (Shanghai) Co. Ltd. Shanghai People's Rep.of China 2,000,000 USD 100.00 Fiat Powertrain Technologies SpA 100.000
Fiat Powertrain Technologies Poland Sp. z o.o. Bielsko-Biala Poland 100,000,000 PLN 100.00 Fiat Powertrain Technologies SpA 100.000
Fiat-GM Powertrain Polska Sp. z o.o. Bielsko-Biala Poland 220,100,000 PLN 100.00 Fiat Powertrain Technologies SpA 100.000
FMA - Fabbrica Motori Automobilistici S.r.l. Pratola Serra Italy 150,000,000 EUR 100.00 Fiat Powertrain Technologies SpA 100.000
FPT - Powertrain Technologies France S.A. Garchizy France 73,444,960 EUR 100.00 Iveco France 97.200 Iveco Participations S.A. 2.800 FPT Powertrain Technologies do Brasil - Industria e Comércio de Motores Ltda Campo Largo Brazil 197,792,500 BRL 100.00 Fiat Automoveis S.A. - FIASA 100.000
Iveco España S.L. Madrid Spain 121,612,116 EUR 100.00 Iveco S.p.A. 100.000 (business FPT Powertrain Technologies)
98 THE COMPANIES OF THE FIAT GROUP BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 99
The companies of the Fiat Group
SUBSIDIARIES CONSOLIDATED ON A LINE-BY-LINE BASIS (continued)
% of Group % interest % of voting Name Registered Office Country Share capital Currency consolidation Interest held by held rights
Iveco Latin America Ltda Vila da Serra Brazil 334,720,744 BRL 100.00 Iveco España S.L. 51.000 (business FPT Powertrain Technologies) Fiat Group Automobiles S.p.A. 49.000
Iveco Limited Watford United Kingdom 117,000,000 GBP 100.00 Iveco Holdings Limited 100.000 (business FPT Powertrain Technologies)
Iveco Magirus AG Ulm Germany 50,000,000 EUR 100.00 Iveco S.p.A. 53.660 (business FPT Powertrain Technologies) Fiat Netherlands Holding N.V. 46.340
Iveco Motorenforschung AG Arbon Switzerland 4,600,000 CHF 100.00 Iveco S.p.A. 60.000 Iveco France 40.000
Iveco Motors of China Limited in liquidation Shanghai People's Rep.of China 300,000 USD 100.00 Iveco S.p.A. 100.000
Iveco S.p.A. Turin Italy 369,500,000 EUR 100.00 Fiat S.p.A. 100.000 (business FPT Powertrain Technologies)
Iveco Sweden A.B. Arlov Sweden 600,000 SEK 100.00 Iveco S.p.A. 100.000 (business FPT Powertrain Technologies)
SAIC Fiat Powertrain Hongyan Co. Ltd. Chongqing People's Rep.of China 580,000,000 CNY 60.00 Fiat Powertrain Technologies SpA 30.000 SAIC IVECO Commercial Vehicle Investment Company Limited 60.000
Components Magneti Marelli S.p.A. Corbetta Italy 254,325,965 EUR 99.99 Fiat S.p.A. 99.990 100.000
Automotive Lighting Brotterode GmbH Brotterode Germany 7,270,000 EUR 99.99 Automotive Lighting Reutlingen GmbH 100.000
Automotive Lighting Italia S.p.A. Venaria Reale Italy 2,000,000 EUR 99.99 Automotive Lighting Reutlingen GmbH 100.000
Automotive Lighting LLC Farmington Hills U.S.A. 25,001,000 USD 99.99 Magneti Marelli Holding U.S.A. Inc. 100.000
Automotive Lighting o.o.o. Rjiasan Russia 36,875,663 RUB 99.99 Automotive Lighting Reutlingen GmbH 100.000
Automotive Lighting Polska Sp. z o.o. Sosnowiec Poland 83,500,000 PLN 99.99 Automotive Lighting Reutlingen GmbH 100.000
Automotive Lighting Rear Lamps France S.a.s. Saint Julien du Sault France 1,524,768 EUR 99.99 Automotive Lighting Rear Lamps Italia S.p.A. 100.000
Automotive Lighting Rear Lamps Italia S.p.A. Venaria Reale Italy 10,000,000 EUR 99.99 Automotive Lighting Reutlingen GmbH 100.000 Automotive Lighting Rear Lamps Mexico S. de r.l. de C.V. El Marques Queretaro Mexico 50,000 MXN 99.99 Magneti Marelli Holding U.S.A. Inc. 100.000
Automotive Lighting Reutlingen GmbH Reutlingen Germany 1,330,000 EUR 99.99 Magneti Marelli S.p.A. 100.000
Automotive Lighting S.R.O. Jihlava Czech Republic 927,637,000 CZK 99.99 Automotive Lighting Reutlingen GmbH 100.000
Automotive Lighting UK Limited Chadwell Heath United Kingdom 40,387,348 GBP 99.99 Magneti Marelli S.p.A. 100.000 Plastic Components and Modules Automotive Ergom do Brasil Ltda Itauna Brazil 6,402,500 BRL 99.99 S.p.A. 100.000 Plastic Components and Modules Automotive Ergom Soffiaggio S.r.l. Leno Italy 45,900 EUR 84.99 S.p.A. 85.000
Fiat CIEI S.p.A. in liquidation Corbetta Italy 220,211 EUR 99.99 Magneti Marelli S.p.A. 100.000 Automotive Lighting Rear Lamps Mexico S. de Industrial Yorka de Mexico S.A. de C.V. Mexico City Mexico 50,000 MXN 99.99 r.l. de C.V. 98.000
Industrial Yorka de Tepotzotlan S.A. de C.V. 2.000 Automotive Lighting Rear Lamps Mexico S. de Industrial Yorka de Tepotzotlan S.A. de C.V. Mexico City Mexico 50,000 MXN 99.99 r.l. de C.V. 99.000 Industrial Yorka de Mexico S.A. de C.V. 1.000 Magneti Marelli Sistemas Electronicos Mexico Industrias Magneti Marelli Mexico S.A. de C.V. Tepotzotlan Mexico 50,000 MXN 99.99 S.A. 99.998
Servicios Administrativos Corp. IPASA S.A. 0.002 Plastic Components and Modules Automotive Industrie Plastica S.p.A. Grugliasco Italy 1,000,000 EUR 99.99 S.p.A. 100.000 Magneti Marelli After Market Parts and Services S.p.A. Corbetta Italy 7,000,000 EUR 99.99 Magneti Marelli Parts and Services S.p.A. 100.000
Magneti Marelli After Market Sp. z o.o. Katowice Poland 2,000,000 PLN 99.99 Magneti Marelli Parts and Services S.p.A. 100.000
Magneti Marelli Aftermarket GmbH Heilbronn Germany 100,000 EUR 99.99 Magneti Marelli Parts and Services S.p.A. 100.000
Magneti Marelli Aftermarket S.a.s. Trappes France 782,208 EUR 99.99 Magneti Marelli Parts and Services S.p.A. 100.000
Magneti Marelli Aftermarket SL Llinares del Valles Spain 2,194,726 EUR 99.99 Magneti Marelli Iberica S.A. 100.000
Magneti Marelli Argentina S.A. Buenos Aires Argentina 700,000 ARS 99.99 Magneti Marelli S.p.A. 95.000 Magneti Marelli France S.a.s. 5.000 Magneti Marelli Automotive Components (WUHU) Co. Ltd. Wuhu People's Rep.of China 32,000,000 USD 99.99 Magneti Marelli S.p.A. 100.000 Magneti Marelli Automotive Electronics (Guangzhou) Co. Limited Guangzhou People's Rep.of China 16,100,000 USD 99.99 Magneti Marelli S.p.A. 100.000 Magneti Marelli After Market Parts and Services Magneti Marelli Cofap Autopecas Ltda São Paulo Brazil 7,554,539 BRL 99.99 S.p.A. 100.000 Magneti Marelli Cofap Companhia Fabricadora de Pecas Santo Andre Brazil 177,725,564 BRL 99.63 Magneti Marelli S.p.A. 99.643 99.966
Magneti Marelli Conjuntos de Escape S.A. Buenos Aires Argentina 7,480,071 ARS 99.99 Magneti Marelli S.p.A. 95.000 Magneti Marelli Argentina S.A. 5.000
Magneti Marelli do Brasil Industria e Comercio SA Hortolandia Brazil 40,568,427 BRL 99.86 Magneti Marelli S.p.A. 99.872 99.990
Magneti Marelli Espana S.A. Llinares del Valles Spain 781,101 EUR 99.99 Magneti Marelli Iberica S.A. 100.000
Magneti Marelli Exhaust Systems Polska Sp. z o.o. Sosnowiec Poland 15,000,000 PLN 99.99 Magneti Marelli S.p.A. 100.000
Magneti Marelli France S.a.s. Nanterre France 42,672,960 EUR 99.99 Magneti Marelli S.p.A. 99.999 Ufima S.A.S. 0.001
THE COMPANIES OF THE FIAT GROUP 99 BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 100
The companies of the Fiat Group
SUBSIDIARIES CONSOLIDATED ON A LINE-BY-LINE BASIS (continued)
% of Group % interest % of voting Name Registered Office Country Share capital Currency consolidation Interest held by held rights
Magneti Marelli GmbH Russelsheim Germany 200,000 EUR 99.99 Magneti Marelli S.p.A. 100.000
Magneti Marelli Hellas A.E. in liquidation Athens Greece 587,000 EUR 99.99 Magneti Marelli Parts and Services S.p.A. 100.000
Magneti Marelli Holding U.S.A. Inc. Wixom U.S.A. 10 USD 99.99 Magneti Marelli S.p.A. 100.000
Magneti Marelli Iberica S.A. Santpedor Spain 24,499,771 EUR 99.99 Magneti Marelli S.p.A. 100.000
Magneti Marelli India Private Ltd New Delhi India 20,000,000 INR 99.99 Magneti Marelli S.p.A. 100.000
Magneti Marelli Japan K.K. KohoKu-Ku-Yokohama Japan 60,000,000 JPY 99.99 Magneti Marelli S.p.A. 100.000
Magneti Marelli Motopropulsion France SAS Argentan France 884,058 EUR 99.99 Magneti Marelli S.p.A. 100.000 Magneti Marelli Cofap Companhia Fabricadora Magneti Marelli North America Inc. Wilmington U.S.A. 40,223,205 USD 99.63 de Pecas 100.000
Magneti Marelli Parts and Services S.p.A. Corbetta Italy 13,137,000 EUR 99.99 Magneti Marelli S.p.A. 100.000
Magneti Marelli Powertrain (Shanghai) Co. Ltd. Shanghai People's Rep.of China 17,500,000 USD 99.99 Magneti Marelli S.p.A. 100.000
Magneti Marelli Powertrain India Private Limited New Delhi India 450,000,000 INR 51.00 Magneti Marelli S.p.A. 51.000
Magneti Marelli Powertrain Slovakia s.r.o. Bratislava Slovack Republic 7,000,000 EUR 99.99 Magneti Marelli S.p.A. 100.000
Magneti Marelli Powertrain U.S.A. LLC Sanford U.S.A. 25,000,000 USD 99.99 Magneti Marelli Holding U.S.A. Inc. 100.000
Magneti Marelli Racing Ltd Basildon United Kingdom 10,000 GBP 99.99 Magneti Marelli S.p.A. 100.000 Magneti Marelli After Market Parts and Services Magneti Marelli Repuestos S.A. Buenos Aires Argentina 2,012,000 ARS 99.99 S.p.A. 51.000
Magneti Marelli Cofap Autopecas Ltda 48.000 Magneti Marelli Parts and Services S.p.A. 1.000 Magneti Marelli Sistemas Automotivos Industria e Comercio Ltda Contagem Brazil 206,834,874 BRL 99.99 Magneti Marelli S.p.A. 66.111 Automotive Lighting Reutlingen GmbH 33.889
Magneti Marelli Sistemas Electronicos Mexico S.A. Tepotzotlan Mexico 50,000 MXN 99.99 Magneti Marelli S.p.A. 99.998
Servicios Administrativos Corp. IPASA S.A. 0.002
Magneti Marelli Slovakia s.r.o. Bratislava Slovack Republic 6,639 EUR 99.99 Magneti Marelli S.p.A. 100.000
Magneti Marelli South Africa (Proprietary) Limited Johannesburg South Africa 1,950,000 ZAR 99.99 Magneti Marelli S.p.A. 100.000 Magneti Marelli Suspension Systems Bielsko Sp. z.o.o. Bielsko-Biala Poland 70,050,000 PLN 99.99 Magneti Marelli S.p.A. 100.000 Magneti Marelli Suspension Systems Poland Sp. z o.o. in liquidation Sosnowiec Poland 4,310,000 PLN 99.99 Magneti Marelli S.p.A. 100.000
Magneti Marelli Suspensions USA LLC Farmington Hills U.S.A. 1,300,000 USD 99.99 Magneti Marelli Holding U.S.A. Inc. 100.000 Magneti Marelli Um Electronic Systems Private Limited New Delhi India 260,000,000 INR 51.00 Magneti Marelli S.p.A. 51.000
Mako Elektrik Sanayi Ve Ticaret A.S. Osmangazi Bursa Turkey 16,500,000 TRY 96.66 Magneti Marelli S.p.A. 96.665
Malaysian Automotive Lighting SDN. BHD Bayan Lepas Malaysia 6,000,000 MYR 79.99 Automotive Lighting Reutlingen GmbH 80.000 Plastic Components and Modules Holding Plastic Components and Modules Automotive S.p.A. Grugliasco Italy 10,000,000 EUR 99.99 S.p.A. 100.000
Plastic Components and Modules Holding S.p.A. Grugliasco Italy 10,000,000 EUR 99.99 Magneti Marelli S.p.A. 100.000 Plastic Components and Modules Automotive Plastic Components and Modules Poland S.A. Sosnowiec Poland 21,000,000 PLN 99.99 S.p.A. 100.000
Plastic Components Fuel Systems Poland Sp. z o.o. Sosnowiec Poland 29,281,500 PLN 99.99 Plastic Components and Modules Poland S.A. 100.000 Plastic Components and Modules Automotive Plastiform A.S. Bursa Turkey 715,000 TRY 99.99 S.p.A. 97.000 Magneti Marelli S.p.A. 3.000
Powertrain Mekanik Sanayi ve Ticaret Limited Sirketi Demirtas-Bursa Turkey 50,000 TRY 99.99 Magneti Marelli S.p.A. 99.800
Iveco Arac Sanayi VE Ticaret A.S. 0.050
Mako Elektrik Sanayi Ve Ticaret A.S. 0.050
Plastiform A.S. 0.050 Sistemi Comandi Meccanici Otomotiv Sanayi Ve Ticaret A.S. 0.050 Magneti Marelli Sistemas Electronicos Mexico Servicios Administrativos Corp. IPASA S.A. Col. Chapultepec Mexico 1,000 MXN 99.99 S.A. 99.990
Industrias Magneti Marelli Mexico S.A. de C.V. 0.010
Sistemi Sospensioni S.p.A. Corbetta Italy 37,622,179 EUR 99.99 Magneti Marelli S.p.A. 100.000 Plastic Components and Modules Holding SNIARICERCHE S.P.A. in liquidation Pisticci Italy 880,000 EUR 99.99 S.p.A. 95.000 Plastic Components and Modules Automotive S.p.A. 5.000 Plastic Components and Modules Automotive TEA S.r.l. Grugliasco Italy 516,000 EUR 99.99 S.p.A. 95.000 Plastic Components and Modules Holding S.p.A. 5.000
Tecnologia de Iluminacion Automotriz S.A. de C.V. Chihuahua Mexico 50,000 MXN 99.99 Automotive Lighting LLC 100.000
Ufima S.A.S. Nanterre France 44,940 EUR 99.99 Magneti Marelli S.p.A. 65.020 Fiat Partecipazioni S.p.A. 34.980
Metallurgical Products Teksid S.p.A. Turin Italy 71,403,261 EUR 84.79 Fiat S.p.A. 84.791
Compania Industrial Frontera S.A. de C.V. Frontera Mexico 50,000 MXN 84.79 Teksid Hierro de Mexico S.A. de C.V. 100.000
Fonderie du Poitou Fonte S.A.S. Ingrandes-sur-Vienne France 26,958,464 EUR 84.79 Teksid S.p.A. 100.000
Funfrap-Fundicao Portuguesa S.A. Cacia Portugal 13,697,550 EUR 70.89 Teksid S.p.A. 83.607
100 THE COMPANIES OF THE FIAT GROUP BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 101
The companies of the Fiat Group
SUBSIDIARIES CONSOLIDATED ON A LINE-BY-LINE BASIS (continued)
% of Group % interest % of voting Name Registered Office Country Share capital Currency consolidation Interest held by held rights
Teksid Aluminum S.r.l. Carmagnola Italy 5,000,000 EUR 100.00 Fiat S.p.A. 100.000
Teksid do Brasil Ltda Betim Brazil 148,874,686 BRL 84.79 Teksid S.p.A. 100.000
Teksid Hierro De Mexico Arrendadora S.A. de C.V. Frontera Mexico 497,690,000 MXN 84.79 Teksid S.p.A. 100.000
Teksid Hierro de Mexico S.A. de C.V. Frontera Mexico 418,874,300 MXN 84.79 Teksid S.p.A. 100.000
Teksid Inc. Wilmington U.S.A. 100,000 USD 84.79 Teksid S.p.A. 100.000
Teksid Iron Poland Sp. z o.o. Skoczow Poland 115,678,500 PLN 84.79 Teksid S.p.A. 100.000 Production Systems Comau S.p.A. Grugliasco Italy 48,013,959 EUR 100.00 Fiat S.p.A. 100.000
Autodie International, Inc. Grand Rapids U.S.A. 1,000 USD 100.00 Comau Pico Holdings Corporation 100.000
Comau (Shanghai) Automotive Equipment Co. Ltd. Shanghai People's Rep.of China 5,000,000 USD 100.00 Comau S.p.A. 100.000
Comau (Shanghai) International Trading Co. Ltd. Shanghai People's Rep.of China 200,000 USD 100.00 Comau S.p.A. 100.000
Comau Argentina S.A. Buenos Aires Argentina 500,000 ARS 100.00 Comau S.p.A. 55.280
Comau do Brasil Industria e Comercio Ltda. 44.690 Fiat Argentina S.A. 0.030
Comau Canada Inc. Windsor Canada 100 CAD 100.00 Comau Inc. 100.000
Comau Deutschland GmbH Boblingen Germany 1,330,000 EUR 100.00 Comau S.p.A. 100.000
Comau do Brasil Industria e Comercio Ltda. Betim Brazil 29,312,653 BRL 100.00 Comau S.p.A. 99.999 Fiat do Brasil S.A. 0.001
Comau Estil Unl. Luton United Kingdom 107,665,056 USD 100.00 Comau S.p.A. 100.000
Comau France S.A.S. Trappes France 6,000,000 EUR 100.00 Comau S.p.A. 100.000
Comau Inc. Southfield U.S.A. 21,457 USD 100.00 Comau Pico Holdings Corporation 100.000
Comau India Private Limited Pune India 239,935,020 INR 100.00 Comau S.p.A. 99.990 Comau Deutschland GmbH 0.010
Comau Pico Holdings Corporation New York U.S.A. 100 USD 100.00 Comau S.p.A. 100.000
Comau Pico Iaisa S.de R.L. de C.V. Tepotzotlan Mexico 3,000 MXN 100.00 Comau Pico Mexico S.de R.L. de C.V. 99.967 Comau S.p.A. 0.033
Comau Pico Mexico S.de R.L. de C.V. Tepotzotlan Mexico 3,000 MXN 100.00 Comau S.p.A. 99.967 Comau Deutschland GmbH 0.033
Comau Pico Pitex S.de R.L. C.V. Tepotzotlan Mexico 3,000 MXN 100.00 Comau Pico Mexico S.de R.L. de C.V. 99.967 Comau S.p.A. 0.033
Comau Pico Trebol S.de R.L. de C.V. Tepotzotlan Mexico 3,000 MXN 100.00 Comau Pico Mexico S.de R.L. de C.V. 99.967 Comau S.p.A. 0.033
Comau Poland Sp. z o.o. Bielsko-Biala Poland 3,800,000 PLN 100.00 Comau S.p.A. 100.000
Comau Resources, Inc. Southfield U.S.A. 1,000 USD 100.00 Comau Pico Holdings Corporation 100.000
Comau Romania S.R.L. Oradea Romenia 10,315,170 RON 100.00 Comau S.p.A. 100.000
Comau Russia OOO Moscow Russia 4,770,225 RUB 100.00 Comau S.p.A. 99.000 Comau Deutschland GmbH 1.000
Comau Service Systems S.L. Madrid Spain 250,000 EUR 100.00 Comau S.p.A. 100.000 Publishing and Communications Itedi-Italiana Edizioni S.p.A. Turin Italy 5,980,000 EUR 100.00 Fiat S.p.A. 100.000
BMI S.p.A. Genoa Italy 124,820 EUR 86.50 Itedi-Italiana Edizioni S.p.A. 86.500
Editrice La Stampa S.p.A. Turin Italy 4,160,000 EUR 100.00 Itedi-Italiana Edizioni S.p.A. 100.000
La Stampa Europe SAS Trappes France 18,600,000 EUR 100.00 Itedi-Italiana Edizioni S.p.A. 100.000
Publikompass S.p.A. Milan Italy 3,068,000 EUR 100.00 Itedi-Italiana Edizioni S.p.A. 100.000
Think Lux S.r.l. Turin Italy 50,000 EUR 100.00 Itedi-Italiana Edizioni S.p.A. 100.000
Holding companies and Other companies Business Solutions S.p.A. Turin Italy 4,791,396 EUR 100.00 Fiat S.p.A. 100.000
C.R.F. Società Consortile per Azioni Orbassano Italy 45,000,000 EUR 99.27 Fiat Partecipazioni S.p.A. 52.061
(business Other Activities) Fiat Group Automobiles S.p.A. 17.478
Iveco S.p.A. 9.987
Magneti Marelli S.p.A. 7.490
Fiat Powertrain Technologies SpA 4.994
CNH Italia s.p.a. 2.497
Comau S.p.A. 2.497
Teksid S.p.A. 2.497 Ferrari S.p.A. 0.499
Centro Ricerche Plast-Optica S.p.A. Amaro Italy 1,033,000 EUR 75.13 C.R.F. Società Consortile per Azioni 51.000
Automotive Lighting Rear Lamps Italia S.p.A. 24.500
THE COMPANIES OF THE FIAT GROUP 101 BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 102
The companies of the Fiat Group
SUBSIDIARIES CONSOLIDATED ON A LINE-BY-LINE BASIS (continued)
% of Group % interest % of voting Name Registered Office Country Share capital Currency consolidation Interest held by held rights
Deposito Avogadro S.r.l. Turin Italy 100,000 EUR 100.00 Fiat Partecipazioni S.p.A. 100.000
Elasis-Società Consortile per Azioni Pomigliano d'Arco Italy 20,000,000 EUR 98.89 Fiat Group Automobiles S.p.A. 51.000
C.R.F. Società Consortile per Azioni 27.933
CNH Italia s.p.a. 6.800
Fiat Powertrain Technologies SpA 5.000
Iveco S.p.A. 3.300
Comau S.p.A. 1.500
Magneti Marelli S.p.A. 1.500
Fiat Partecipazioni S.p.A. 1.450
Ferrari S.p.A. 1.100 Isvor Fiat Società consortile di sviluppo e addestramento industriale per Azioni 0.250 Fiat S.p.A. 0.167
FGI - Fiat Group International SA Paradiso Switzerland 100,000,000 CHF 100.00 Fiat S.p.A. 100.000
Fiat Argentina S.A. Buenos Aires Argentina 5,292,117 ARS 100.00 Fiat Services S.p.A. 90.961
Fiat do Brasil S.A. 9.029
SGR-Sociedad para la Gestion de Riesgos S.A. 0.009 Fiat Auto Argentina S.A. 0.001
Fiat Attività Immobiliari S.p.A. Turin Italy 85,700,000 EUR 100.00 Fiat Partecipazioni S.p.A. 76.663 Fiat Group Automobiles S.p.A. 23.337
Fiat do Brasil S.A. Nova Lima Brazil 37,158,349 BRL 100.00 Fiat Partecipazioni S.p.A. 99.998 Fiat Services S.p.A. 0.002
Fiat Financas Brasil Ltda Nova Lima Brazil 2,469,701 BRL 100.00 Fiat Finance S.p.A. 99.994 Fiat do Brasil S.A. 0.006
Fiat Finance and Trade Ltd S.A. Luxembourg Luxembourg 251,494,000 EUR 100.00 Fiat Finance S.p.A. 99.993 Fiat Finance Canada Ltd. 0.007
Fiat Finance Canada Ltd. Calgary Canada 10,099,885 CAD 100.00 Fiat Finance S.p.A. 100.000
Fiat Finance et Services S.A. Trappes France 3,700,000 EUR 100.00 Fiat Services S.p.A. 99.997
Fiat Finance North America Inc. Wilmington U.S.A. 190,090,010 USD 100.00 Fiat Finance S.p.A. 60.526 Fiat S.p.A. 39.474
Fiat Finance S.p.A. Turin Italy 224,440,000 EUR 100.00 Fiat S.p.A. 100.000
Fiat GmbH Ulm Germany 200,000 EUR 100.00 Fiat Services S.p.A. 100.000 Fiat Group Marketing & Corporate Communication S.p.A. Turin Italy 100,000,000 EUR 100.00 Fiat Partecipazioni S.p.A. 100.000
Fiat Group Purchasing France S.a.r.l. Trappes France 7,700 EUR 100.00 Fiat Group Purchasing S.r.l. 100.000
Fiat Group Purchasing Poland Sp. z o.o. Bielsko-Biala Poland 300,000 PLN 100.00 Fiat Group Purchasing S.r.l. 100.000
Fiat Group Purchasing S.r.l. Turin Italy 600,000 EUR 100.00 Fiat Partecipazioni S.p.A. 100.000
Fiat Iberica S.A. Madrid Spain 2,797,054 EUR 100.00 Fiat Services S.p.A. 100.000
Fiat Industrial Finance S.p.A. Turin Italy 100,000,000 EUR 100.00 Fiat S.p.A. 100.000 Fiat Information Technology, Excellence and Methods S.p.A. Turin Italy 500,000 EUR 100.00 Fiat Services S.p.A. 100.000
Fiat Netherlands Holding N.V. Amsterdam Netherlands 2,610,397,295 EUR 100.00 Fiat S.p.A. 100.000
Fiat Partecipazioni S.p.A. Turin Italy 356,158,302 EUR 100.00 Fiat S.p.A. 100.000
Fiat Polska Sp. z o.o. Warsaw Poland 25,500,000 PLN 100.00 Fiat Partecipazioni S.p.A. 100.000
Fiat Services Belgium N.V. Zedelgem Belgium 62,000 EUR 100.00 Fiat U.K. Limited 99.960 Fiat Services S.p.A. 0.040
Fiat Services Polska Sp. z o.o. Bielsko-Biala Poland 3,600,000 PLN 100.00 Fiat Services S.p.A. 100.000
Fiat Services S.p.A. Turin Italy 3,600,000 EUR 100.00 Business Solutions S.p.A. 100.000
Fiat Servizi per l'Industria S.c.p.a. Turin Italy 1,652,669 EUR 99.36 Fiat Partecipazioni S.p.A. 51.000
Fiat Group Automobiles S.p.A. 25.500
Iveco S.p.A. 6.000
Fiat S.p.A. 5.000
CNH Italia s.p.a. 3.000
Teksid S.p.A. 2.000
C.R.F. Società Consortile per Azioni 1.500
Comau S.p.A. 1.500
Editrice La Stampa S.p.A. 1.500
Fiat Services S.p.A. 1.500 Magneti Marelli S.p.A. 1.500
102 THE COMPANIES OF THE FIAT GROUP BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 103
The companies of the Fiat Group
SUBSIDIARIES CONSOLIDATED ON A LINE-BY-LINE BASIS (continued)
% of Group % interest % of voting Name Registered Office Country Share capital Currency consolidation Interest held by held rights
Fiat U.K. Limited Basildon United Kingdom 750,000 GBP 100.00 Fiat Services S.p.A. 100.000
Fiat U.S.A. Inc. New York U.S.A. 16,830,000 USD 100.00 Fiat S.p.A. 100.000
Fiat-Revisione Interna S.c.r.l. Turin Italy 300,000 EUR 98.30 Fiat S.p.A. 51.000
Fiat Group Automobiles S.p.A. 13.000
CNH Global N.V. 10.000
Iveco S.p.A. 6.000
Comau S.p.A. 2.000
Ferrari S.p.A. 2.000
Fiat Group Purchasing S.r.l. 2.000
Fiat Powertrain Technologies SpA 2.000
Fiat Services S.p.A. 2.000
Itedi-Italiana Edizioni S.p.A. 2.000
Magneti Marelli S.p.A. 2.000
Maserati S.p.A. 2.000
Teksid S.p.A. 2.000
Fiat Finance S.p.A. 1.000 Fiat Partecipazioni S.p.A. 1.000
Neptunia Assicurazioni Marittime S.A. Lausanne Switzerland 10,000,000 CHF 100.00 Rimaco S.A. 100.000
Nuova Immobiliare nove S.p.A. Turin Italy 100,000,000 EUR 100.00 Fiat S.p.A. 100.000
Nuove Iniziative Finanziarie 5 S.p.A. Turin Italy 200,000,000 EUR 100.00 Fiat S.p.A. 100.000
Rimaco S.A. Lausanne Switzerland 350,000 CHF 100.00 FGI - Fiat Group International SA 100.000
Risk Management S.p.A. Turin Italy 120,000 EUR 100.00 Fiat Partecipazioni S.p.A. 100.000
Sadi Polska-Agencja Celna Sp. z o.o. Bielsko-Biala Poland 500,000 PLN 100.00 Servizi e Attività Doganali per l'Industria S.p.A. 100.000
Servizi e Attività Doganali per l'Industria S.p.A. Turin Italy 520,000 EUR 100.00 Fiat Services S.p.A. 100.000 SIRIO - Sicurezza Industriale Società consortile per azioni Turin Italy 120,000 EUR 93.48 Fiat Partecipazioni S.p.A. 57.703
Fiat Group Automobiles S.p.A. 17.288
Iveco S.p.A. 4.644
Fiat Powertrain Technologies SpA 2.356
Magneti Marelli S.p.A. 1.863
Fiat S.p.A. 0.751
Comau S.p.A. 0.729
Ferrari S.p.A. 0.729
Teksid S.p.A. 0.664
Irisbus Italia S.p.A. 0.622
Fiat Services S.p.A. 0.593
Sistemi Sospensioni S.p.A. 0.551
Teksid Aluminum S.r.l. 0.540
C.R.F. Società Consortile per Azioni 0.535 New Holland Kobelco Construction Machinery S.p.A. 0.535
Fiat Servizi per l'Industria S.c.p.a. 0.503
Fiat Finance S.p.A. 0.449 Isvor Fiat Società consortile di sviluppo e addestramento industriale per Azioni 0.449
Fidis S.p.A. 0.325
CNH Italia s.p.a. 0.237
Automotive Lighting Italia S.p.A. 0.233
Editrice La Stampa S.p.A. 0.233
Elasis-Società Consortile per Azioni 0.233
FGA Officine Automobilistiche Grugliasco S.p.A. 0.167
Astra Veicoli Industriali S.p.A. 0.103 Fiat Group Marketing & Corporate Communication S.p.A. 0.103
Fiat Group Purchasing S.r.l. 0.103
Servizi e Attività Doganali per l'Industria S.p.A. 0.103
Fiat-Revisione Interna S.c.r.l. 0.061
Fiat Center Italia S.p.A. 0.045
Abarth & C. S.p.A. 0.039
Itedi-Italiana Edizioni S.p.A. 0.039
Maserati S.p.A. 0.039 Orione-Società Industriale per la Sicurezza e la Vigilanza Consortile per Azioni 0.039
Risk Management S.p.A. 0.039 Sisport Fiat S.p.A. - Società sportiva dilettantistica 0.039
THE COMPANIES OF THE FIAT GROUP 103 BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 104
The companies of the Fiat Group
SUBSIDIARIES CONSOLIDATED ON A LINE-BY-LINE BASIS (continued)
% of Group % interest % of voting Name Registered Office Country Share capital Currency consolidation Interest held by held rights Magneti Marelli After Market Parts and Services S.p.A. 0.037
Automotive Lighting Rear Lamps Italia S.p.A. 0.022
Easy Drive S.r.l. 0.022
Fiat Attività Immobiliari S.p.A. 0.022
Fiat Auto Var S.r.l. 0.022 Fiat Information Technology, Excellence and Methods S.p.A. 0.022 Plastic Components and Modules Automotive S.p.A. 0.022
TEA S.r.l. 0.022
i-FAST Automotive Logistics S.r.l. 0.020 i-FAST Container Logistics S.p.A. 0.020
Sisport Fiat S.p.A. - Società sportiva dilettantistica Turin Italy 889,049 EUR 100.00 Fiat Partecipazioni S.p.A. 100.000 JOINTLY-CONTROLLED ENTITIES ACCOUNTED FOR USING THE EQUITY METHOD Fiat Group Automobiles FGA CAPITAL S.p.A. Turin Italy 700,000,000 EUR 50.00 Fiat Group Automobiles S.p.A. 50.000
FAL Fleet Services S.A.S. Trappes France 3,000,000 EUR 50.00 FGA CAPITAL S.p.A. 100.000
FC France S.A. Trappes France 11,360,000 EUR 50.00 FGA CAPITAL S.p.A. 99.999
FGA Bank G.m.b.H. Vienna Austria 5,000,000 EUR 50.00 FGA CAPITAL S.p.A. 50.000 Fidis S.p.A. 25.000
FGA Bank Germany GmbH Heilbronn Germany 39,600,000 EUR 50.00 FGA CAPITAL S.p.A. 100.000
FGA CAPITAL BELGIUM S.A. Evere - Bruxelles Belgium 3,718,500 EUR 50.00 FGA CAPITAL S.p.A. 99.999
FGA Capital Danmark A/S Glostrup Denmark 14,154,000 DKK 50.00 FGA CAPITAL S.p.A. 100.000
FGA CAPITAL HELLAS S.A. Argyroupoli Greece 1,200,000 EUR 50.00 FGA CAPITAL S.p.A. 100.000
FGA CAPITAL IFIC SA Alges Portugal 10,000,000 EUR 50.00 FGA CAPITAL S.p.A. 100.000
FGA CAPITAL IRELAND Public Limited Company Dublin Ireland 100,007 EUR 50.00 FGA CAPITAL S.p.A. 99.994
FGA Capital Lux S.A. Luxembourg Luxembourg 12,200,000 EUR 50.00 FGA CAPITAL S.p.A. 99.997
FGA Capital Netherlands B.V. Lijnden Netherlands 3,085,800 EUR 50.00 FGA CAPITAL S.p.A. 100.000
FGA CAPITAL RE Limited Dublin Ireland 1,000,000 EUR 50.00 FGA CAPITAL S.p.A. 100.000
FGA Capital Services Spain S.A. Alcalá De Henares Spain 25,145,299 EUR 50.00 FGA CAPITAL S.p.A. 100.000
FGA Capital Spain E.F.C. S.A. Alcalá De Henares Spain 26,671,557 EUR 50.00 FGA CAPITAL S.p.A. 100.000
FGA CAPITAL UK LTD. Slough Berkshire United Kingdom 50,250,000 GBP 50.00 FGA CAPITAL S.p.A. 100.000
FGA CONTRACTS UK LTD. Slough Berkshire United Kingdom 19,000,000 GBP 50.00 FGA CAPITAL S.p.A. 100.000
FGA Distribuidora Portugal S.A. Alges Portugal 500,300 EUR 50.00 FGA CAPITAL S.p.A. 100.000
FGA INSURANCE HELLAS S.A. Argyroupoli Greece 60,000 EUR 49.99 FGA CAPITAL HELLAS S.A. 99.975
FGA Leasing GmbH Vienna Austria 40,000 EUR 50.00 FGA CAPITAL S.p.A. 100.000
FGA Leasing Polska Sp. z o.o. Warsaw Poland 12,500,000 PLN 50.00 FGA CAPITAL S.p.A. 100.000
FGA WHOLESALE UK LTD. Slough Berkshire United Kingdom 20,500,000 GBP 50.00 FGA CAPITAL S.p.A. 100.000
Fiat Bank Polska S.A. Warsaw Poland 125,000,000 PLN 50.00 FGA CAPITAL S.p.A. 100.000
Fidis Finance (Suisse) S.A. Schlieren Switzerland 24,100,000 CHF 50.00 FGA CAPITAL S.p.A. 100.000
Fidis Finance Polska Sp. z o.o. Warsaw Poland 10,000,000 PLN 50.00 FGA CAPITAL S.p.A. 100.000
FL Auto Snc Trappes France 8,954,581 EUR 50.00 FC France S.A. 99.998
FL Location SNC Trappes France 76,225 EUR 49.99 FC France S.A. 99.980
Leasys S.p.A. Turin Italy 77,979,400 EUR 50.00 FGA CAPITAL S.p.A. 100.000
FER MAS Oto Ticaret A.S. Istanbul Turkey 5,500,000 TRY 37.64 Tofas-Turk Otomobil Fabrikasi Tofas A.S. 99.418
Fiat India Automobiles Limited Ranjangaon India 14,349,279,000 INR 50.00 Fiat Group Automobiles S.p.A. 50.000 (business Fiat Group Automobiles)
G.E.I.E. Gisevel Paris France 15,200 EUR 50.00 Fiat France 50.000
G.E.I.E.-Sevelind Paris France 15,200 EUR 50.00 Fiat France 50.000
GAC FIAT Automobiles Co. Ltd. Changsha People's Rep.of China 360,000,000 CNY 50.00 Fiat Group Automobiles S.p.A. 50.000 (business Fiat Group Automobiles)
Koc Fiat Kredi Tuketici Finansmani A.S. Istanbul Turkey 30,000,000 TRY 37.86 Tofas-Turk Otomobil Fabrikasi Tofas A.S. 100.000
MEKATRO Arastirma-Gelistirme ve Ticaret A.S. Kocaeli Turkey 150,000 TRY 36.72 Tofas-Turk Otomobil Fabrikasi Tofas A.S. 97.000 PLATFORM Arastirma Gelistirme Tasarim ve Ticaret A.S. Bursa Turkey 1,000,000 TRY 37.48 Tofas-Turk Otomobil Fabrikasi Tofas A.S. 99.000
Società Europea Veicoli Leggeri-Sevel S.p.A. Atessa Italy 68,640,000 EUR 50.00 Fiat Group Automobiles S.p.A. 50.000 Société Européenne de Véhicules Légers du Nord- Sevelnord Société Anonyme Paris France 80,325,000 EUR 50.00 Fiat France 50.000
Tofas-Turk Otomobil Fabrikasi Tofas A.S. Levent Turkey 500,000,000 TRY 37.86 Fiat Group Automobiles S.p.A. 37.856
104 THE COMPANIES OF THE FIAT GROUP BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 105
The companies of the Fiat Group
JOINTLY-CONTROLLED ENTITIES ACCOUNTED FOR USING THE EQUITY METHOD (continued)
% of Group % interest % of voting Name Registered Office Country Share capital Currency consolidation Interest held by held rights
Agricultural and Construction Equipment Case Mexico S.A. de C.V. São Pedro Mexico 810,000 MXN 44.55 CNH de Mexico SA de CV 100.000
Case Special Excavators N.V. Zedelgem Belgium 1,100,000 EUR 44.55 CNH Global N.V. 50.000
CNH Comercial, SA de C.V. São Pedro Mexico 160,050,000 MXN 44.55 CNH de Mexico SA de CV 100.000
CNH de Mexico SA de CV São Pedro Mexico 165,276,000 MXN 44.55 CNH Global N.V. 50.000
CNH Industrial S.A. de C.V. São Pedro Mexico 200,050,000 MXN 44.55 CNH de Mexico SA de CV 100.000 CNH Servicios Comerciales, S.A. de C.V., SOFOM, E.N.R. São Pedro Mexico 50,000,000 MXN 43.66 CNH Global N.V. 49.000
CNH Servicios Corporativos S.A. de C.V. São Pedro Mexico 375,000 MXN 44.55 CNH de Mexico SA de CV 99.999
L&T-Case Equipment Private Limited Mumbai India 240,100,000 INR 44.55 CNH America LLC 50.000
LLC CNH-KAMAZ Industry Naberezhnye Chenly Russia 60,081,800 RUB 44.55 CNH Global N.V. 50.000
New Holland HFT Japan Inc. Sapporo Japan 240,000,000 JPY 44.55 CNH Global N.V. 50.000
Turk Traktor Ve Ziraat Makineleri A.S. Ankara Turkey 53,369,000 TRY 33.41 CNH Global N.V. 37.500
Trucks and Commercial Vehicles Iveco - Oto Melara Società consortile r.l. Rome Italy 40,000 EUR 50.00 Iveco S.p.A. 50.000
Iveco Acentro S.p.A. Cagliari Italy 3,000,000 EUR 50.00 Iveco S.p.A. 50.000
Naveco (Nanjing IVECO Motor Co.) Ltd. Nanjing People's Rep.of China 2,527,000,000 CNY 50.00 Iveco S.p.A. 50.000 SAIC IVECO Commercial Vehicle Investment Company Limited Shanghai People's Rep.of China 160,000,000 USD 50.00 Iveco S.p.A. 50.000 SAIC IVECO Commercial Vehicle Investment SAIC Iveco Hongyan Commercial Vehicles Co, Ltd. Chongqing People's Rep.of China 500,000,000 CNY 33.50 Company Limited 67.000 Transolver Finance Establecimiento Financiero de Credito S.A. Madrid Spain 9,315,500 EUR 50.00 Iveco S.p.A. 50.000
FPT Powertrain Technologies
Fiat India Automobiles Limited Ranjangaon India 14,349,279,000 INR 50.00 Fiat Group Automobiles S.p.A. 50.000 (business FPT Powertrain Technologies) FIAT POWERTRAIN TECHNOLOGIES SOLLERS Investment Company B.V. Amsterdam Netherlands 1,000,000 EUR 50.00 Fiat Powertrain Technologies SpA 50.000 FIAT POWERTRAIN TECHNOLOGIES SOLLERS FIAT POWERTRAIN TECHNOLOGIES Limited Liability Company Zavolzhje Russia 10,000 RUB 50.00 SOLLERS Investment Company B.V. 100.000
GAC FIAT Automobiles Co. Ltd. Changsha People's Rep.of China 360,000,000 CNY 50.00 Fiat Group Automobiles S.p.A. 50.000 (business FPT Powertrain Technologies)
Components
Magneti Marelli Motherson Auto System Limited New Delhi India 572,000,000 INR 50.00 Magneti Marelli Motherson India Holding B.V. 66.434 100.000 Magneti Marelli S.p.A. 16.783 0.000
Magneti Marelli Motherson India Holding B.V. Amsterdam Netherlands 2,000,000 EUR 50.00 Magneti Marelli S.p.A. 50.000 Magneti Marelli SKH Exhaust Systems Private Limited New Delhi India 95,000,000 INR 50.00 Magneti Marelli S.p.A. 50.000
SAIC MAGNETI MARELLI Powertrain Co. Ltd Shanghai People's Rep.of China 12,000,000 EUR 50.00 Magneti Marelli S.p.A. 50.000 SKH Magneti Marelli Exhaust Systems Private Limited New Delhi India 95,450,000 INR 46.62 Magneti Marelli S.p.A. 46.621 50.000
tema.mobility Turin Italy 850,000 EUR 50.00 Magneti Marelli S.p.A. 50.000
Metallurgical Products
Hua Dong Teksid Automotive Foundry Co. Ltd. Zhenjiang-Jangsu People's Rep.of China 385,363,550 CNY 42.40 Teksid S.p.A. 50.000 SUBSIDIARIES ACCOUNTED FOR USING THE EQUITY METHOD Fiat Group Automobiles Alfa Romeo Inc. Winter Garden U.S.A. 3,000,000 USD 100.00 Fiat Group Automobiles S.p.A. 100.000
F.A. Austria Commerz GmbH Vienna Austria 37,000 EUR 100.00 Fiat Group Automobiles Switzerland S.A. 100.000
Fiat Auto Egypt Industrial Company SAE Giza Egypt 50,000,000 EGP 80.40 Fiat Group Automobiles S.p.A. 80.400
Fiat Auto Egypt S.A.E. Giza Egypt 5,000,000 EGP 79.60 Fiat Auto Egypt Industrial Company SAE 99.000
Italcar SA Casablanca Morocco 28,000,000 MAD 99.94 Fiat Group Automobiles Maroc S.A. 99.986
Sirio Polska Sp. z o.o. Bielsko-Biala Poland 1,350,000 PLN 100.00 Fiat Auto Poland S.A. 100.000
Agricultural and Construction Equipment CNH-KAMAZ Industrial B.V. Amsterdam Netherlands 18,000 EUR 89.09 CNH Global N.V. 100.000
Farmers New Holland Inc. Wilmington U.S.A. 800,000 USD 89.09 CNH America LLC 100.000
Jackson New Holland, Inc. Wilmington U.S.A. 371,000 USD 84.05 CNH America LLC 94.340
Medicine Hat New Holland Ltd. Ottawa Canada 882,183 CAD 50.37 CNH Canada, Ltd. 56.540
Mid State New Holland, Inc. Wilmington U.S.A. 400,000 USD 77.96 CNH America LLC 87.500
Northside New Holland Inc. Wilmington U.S.A. 250,000 USD 62.08 CNH America LLC 69.680
Ridgeview New Holland Inc. Wilmington U.S.A. 534,000 USD 56.03 CNH America LLC 62.884
Sunrise Tractor & Equipment Inc. Wilmington U.S.A. 691,000 USD 89.09 CNH America LLC 100.000
Trucks and Commercial Vehicles Financière Pegaso France S.A. Trappes France 260,832 EUR 100.00 Iveco España S.L. 100.000
Iveco Colombia S.a.s. Santa Fe' de Bogota Colombia 7,596,249,000 COP 100.00 Iveco Venezuela C.A. 99.990 Iveco Latin America Ltda 0.010 Congo (Dem. Rep. Iveco S.P.R.L. Kinshasa Congo) 1 CDF 100.00 Iveco S.p.A. 99.992
Astra Veicoli Industriali S.p.A. 0.008
THE COMPANIES OF THE FIAT GROUP 105 BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 106
The companies of the Fiat Group
SUBSIDIARIES ACCOUNTED FOR USING THE EQUITY METHOD (continued)
% of Group % interest % of voting Name Registered Office Country Share capital Currency consolidation Interest held by held rights Components Magneti Marelli do Brasil Industria e Comercio Cofap Fabricadora de Pecas Ltda Santo Andre Brazil 75,720,716 BRL 68.26 SA 68.350 Metallurgical Products
Magnesium Products of Italy S.r.l. Verres Italy 50,000 EUR 100.00 Teksid Aluminum S.r.l. 100.000 Production Systems
Comau AGS s.r.l. in liquidation Grugliasco Italy 103,100 EUR 100.00 Comau S.p.A. 100.000 Holding companies and Other companies Fast-Buyer S.p.A. Turin Italy 500,000 EUR 100.00 Fiat Partecipazioni S.p.A. 100.000
Fiat (China) Business Co., Ltd. Beijing People's Rep.of China 3,000,000 USD 100.00 Fiat Partecipazioni S.p.A. 100.000 Isvor Fiat Società consortile di sviluppo e addestramento industriale per Azioni Turin Italy 300,000 EUR 99.22 Fiat Partecipazioni S.p.A. 51.000
Fiat Group Automobiles S.p.A. 16.000
Iveco S.p.A. 12.000
CNH Italia s.p.a. 3.000
Comau S.p.A. 3.000
Fiat Powertrain Technologies SpA 3.000
Fiat S.p.A. 3.000
Fiat Services S.p.A. 3.000
Magneti Marelli S.p.A. 3.000 Teksid S.p.A. 3.000
New Business 7 S.r.l. Turin Italy 50,000 EUR 100.00 Fiat Partecipazioni S.p.A. 100.000
New Business 8 S.r.l. Turin Italy 50,000 EUR 100.00 Fiat Partecipazioni S.p.A. 100.000
SGR-Sociedad para la Gestion de Riesgos S.A. Buenos Aires Argentina 10,000 ARS 99.96 Rimaco S.A. 99.960
Sistemi Ambientali S.p.A. in liquidation Rivoli Italy 9,544,080 EUR 99.79 Fiat Partecipazioni S.p.A. 99.785 SUBSIDIARIES VALUED AT COST Fiat Group Automobiles (*) CMP Componentes e Modulos Plasticos Industria e Comercio Ltda. Contagem Brazil 4,375,687 BRL 100.00 Fiat Automoveis S.A. - FIASA 100.000
CODEFIS Società consortile per azioni Turin Italy 120,000 EUR 68.47 Fiat Group Automobiles S.p.A. 51.000
CNH Capital U.K. Ltd 14.000 Iveco Partecipazioni Finanziarie S.r.l. 5.000 FIAT AUTOMOBILES SERBIA DOO FAS FREE ZONE Ltd. Kragujevac Kragujevac Serbia 500 EUR 66.67 KRAGUJEVAC 100.000 Fiat Auto Espana Marketing Instituto Agrupacion de Interes Economico Alcalá De Henares Spain 30,051 EUR 95.00 Fiat Group Automobiles Spain S.A. 95.000
Fiat Auto Marketing Institute (Portugal) ACE Alges Portugal 15,000 EUR 80.00 Fiat Group Automobiles Portugal, S.A. 80.000
Fiat Automobiles Service Co. Ltd. Nanjing People's Rep.of China 10,000,000 EUR 100.00 Fiat Group Automobiles S.p.A. 100.000
Fiat Motor Sales Ltd Slough Berkshire United Kingdom 1,500,000 GBP 100.00 Fiat Group Automobiles UK Ltd 100.000
G. Vico Handling S.r.l. Pomigliano d'Arco Italy 20,000 EUR 100.00 Fiat Group Automobiles S.p.A. 100.000
New Business 19 S.r.l. Turin Italy 50,000 EUR 100.00 Fiat Group Automobiles S.p.A. 100.000
Ferrari Ferrari (Suisse) SA in liquidation Nyon Switzerland 0 CHF 85.00 Ferrari S.p.A. 100.000
Scuderia Ferrari Club S.c. a r.l. Maranello Italy 105,000 EUR 80.14 Ferrari S.p.A. 94.286
Agricultural and Construction Equipment Case Construction Equipment, Inc. Wilmington U.S.A. 1,000 USD 89.09 CNH America LLC 100.000
Case IH Agricultural Equipment, Inc. Wilmington U.S.A. 1,000 USD 89.09 CNH America LLC 100.000
Fermec North America Inc. Wilmington U.S.A. 5 USD 89.09 CNH America LLC 100.000
International Harvester Company Wilmington U.S.A. 1,000 USD 89.09 CNH America LLC 100.000
J.I. Case Company Limited Basildon United Kingdom 2 GBP 89.09 Case United Kingdom Limited 100.000
New Holland Agricultural Equipment S.p.A. Turin Italy 120,000 EUR 89.09 CNH Italia s.p.a. 100.000
New Holland Australia Pty Ltd St. Marys Australia 1 AUD 89.09 CNH Australia Pty Limited 100.000
New Holland Construction Equipment S.p.A. Turin Italy 120,000 EUR 89.09 CNH Italia s.p.a. 100.000
RosCaseMash Saratov Russia 0 RUB 34.08 Case Equipment Holdings Limited 38.250 51.000
Trucks and Commercial Vehicles Altra S.p.A. Genoa Italy 516,400 EUR 100.00 Iveco S.p.A. 100.000 Consorzio per la Formazione Commerciale Iveco- Coforma in liquidation Turin Italy 51,646 EUR 59.92 Iveco S.p.A. 50.000 Isvor Fiat Società consortile di sviluppo e addestramento industriale per Azioni 10.000
Irisbus North America Limited Liability Company Las Vegas U.S.A. 20,000 USD 100.00 Iveco France 100.000
M.R. Fire Fighting International S.A. Brasov Romenia 35,000,000 RON 75.88 Iveco Magirus Brandschutztechnik GmbH 74.000 Iveco Magirus Brandschutztechnik Gorlitz GmbH 1.000 Iveco Magirus Fire Fighting GmbH 1.000
(*) Assets held for sale.
106 THE COMPANIES OF THE FIAT GROUP BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 107
The companies of the Fiat Group
SUBSIDIARIES VALUED AT COST (continued)
% of Group % interest % of voting Name Registered Office Country Share capital Currency consolidation Interest held by held rights
OOO "CABEKO" Nizhniy Novgorod Russia 270,625,000 RUB 100.00 Saveco Partecipazioni S.r.l. 50.520 99.059
OOO "CABEKO" 49.000 0.000 Iveco S.p.A. 0.480 0.941
Saveco Partecipazioni S.r.l. Turin Italy 1,682,028 EUR 100.00 Iveco S.p.A. 100.000
Components Automotive Lighting Electroform Canada Inc. Vancouver Canada 1 CAD 99.99 Magneti Marelli Holding U.S.A. Inc. 100.000
Automotive Lighting Japan K.K. KohoKu-Ku-Yokohama Japan 10,000,000 JPY 99.99 Automotive Lighting Reutlingen GmbH 100.000 Magneti Marelli Automotive Components (India) Limited in liquidation Pune India 125,000,000 INR 99.99 Magneti Marelli S.p.A. 100.000 Magneti Marelli Comandos Mecanicos Industria e Magneti Marelli Sistemas Automotivos Industria Comercio Ltda Sete Lagoas Brazil 1,000 BRL 99.99 e Comercio Ltda 99.900 Fiat do Brasil S.A. 0.100 Parco Scientifico e Tecnologico della Basilicata - Plastic Components and Modules Holding S.p.A. in liquidation Grugliasco Italy 120,000 EUR 99.99 S.p.A. 100.000 Sistemi Comandi Meccanici Otomotiv Sanayi Ve Ticaret A.S. Bursa Turkey 90,000 TRY 99.95 Magneti Marelli S.p.A. 99.956
Sistemi Comandi Meccanici S.C.M. S.p.A. Corbetta Italy 1,800,000 EUR 99.99 Magneti Marelli S.p.A. 100.000
Production Systems Comau U.K. Limited Telford United Kingdom 2,500 GBP 100.00 Comau S.p.A. 100.000
Consorzio Fermag in liquidation Bareggio Italy 144,608 EUR 68.00 Comau S.p.A. 68.000
Publishing and Communications
Nexta Srl Rome Italy 50,000 EUR 66.00 Itedi-Italiana Edizioni S.p.A. 66.000 Holding companies and Other companies Fiat Common Investment Fund Limited London United Kingdom 2 GBP 100.00 Fiat U.K. Limited 100.000
Fiat Gra.De EEIG Watford United Kingdom 0 GBP 97.33 Fiat Group Automobiles S.p.A. 46.000
CNH Global N.V. 23.000
Fiat Netherlands Holding N.V. 23.000
Business Solutions S.p.A. 2.000
Fiat S.p.A. 2.000
C.R.F. Società Consortile per Azioni 1.000
Comau S.p.A. 1.000
Magneti Marelli S.p.A. 1.000 Teksid S.p.A. 1.000
Fiat Oriente S.A.E. in liquidation Cairo Egypt 50,000 EGP 100.00 Fiat Partecipazioni S.p.A. 100.000
Fiat Partecipazioni India Private Limited New Delhi India 28,605,400 INR 100.00 Fiat Partecipazioni S.p.A. 99.825 Fiat Group Purchasing S.r.l. 0.175
Fides Corretagens de Seguros Ltda Nova Lima Brazil 365,525 BRL 100.00 Rimaco S.A. 99.998 Isvor Fiat Società consortile di sviluppo e Isvor Fiat India Private Ltd. in liquidation New Delhi India 1,750,000 INR 99.22 addestramento industriale per Azioni 100.000
New Business 27 S.r.l. Turin Italy 50,000 EUR 100.00 Fiat Partecipazioni S.p.A. 100.000
New Business 28 S.r.l. Turin Italy 50,000 EUR 100.00 Fiat Partecipazioni S.p.A. 100.000
OOO Sadi Rus Nizhniy Novgorod Russia 2,700,000 RUB 100.00 Sadi Polska-Agencja Celna Sp. z o.o. 90.000 Fiat Services Polska Sp. z o.o. 10.000 Orione-Società Industriale per la Sicurezza e la Vigilanza Consortile per Azioni Turin Italy 120,000 EUR 98.81 Fiat Partecipazioni S.p.A. 77.822
Fiat S.p.A. 18.003
Editrice La Stampa S.p.A. 0.439
Fiat Group Automobiles S.p.A. 0.439
CNH Italia s.p.a. 0.220
Comau S.p.A. 0.220
Ferrari S.p.A. 0.220
Fiat Finance S.p.A. 0.220
Fiat Powertrain Technologies SpA 0.220
Fiat Services S.p.A. 0.220
Iveco S.p.A. 0.220
Magneti Marelli S.p.A. 0.220 Sisport Fiat S.p.A. - Società sportiva dilettantistica 0.220 Teksid S.p.A. 0.220 ASSOCIATED COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD Fiat Group Automobiles Chrysler Group LLC Wilmington U.S.A. 0 USD 20.00 FIAT NORTH AMERICA LLC 20.000 Santa Margarita I Els Utymat S.A. Monjos Spain 4,644,453 EUR 37.50 I.T.C.A. S.p.A. 37.500
Agricultural and Construction Equipment Al-Ghazi Tractors Ltd Karachi Pakistan 214,682,226 PKR 38.46 CNH Global N.V. 43.169
CNH Capital Europe S.a.S. Puteaux France 88,482,297 EUR 44.46 CNH Global N.V. 49.900
Employers Health Initiatives LLC Wilmington U.S.A. 790,000 USD 44.55 CNH America LLC 50.000
Farm FZCO Jebel Ali United Arab Emirates 6,600,000 AED 25.65 CNH Italia s.p.a. 28.788
Kobelco Construction Machinery Co. Ltd. Tokyo Japan 16,000,000,000 JPY 17.82 CNH Global N.V. 20.000
THE COMPANIES OF THE FIAT GROUP 107 BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 108
The companies of the Fiat Group
ASSOCIATED COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD (continued)
% of Group % interest % of voting Name Registered Office Country Share capital Currency consolidation Interest held by held rights Trucks and Commercial Vehicles GEIE V.IV.RE Boulogne France 0 EUR 50.00 Iveco S.p.A. 50.000
Iveco Finance Holdings Limited Basingstoke United Kingdom 1,000 EUR 49.00 Iveco Partecipazioni Finanziarie S.r.l. 49.000
IVECO-AMT Ltd. Miass Russia 65,255,056 RUB 33.33 Iveco S.p.A. 33.330 Samandira- Otoyol Sanayi A.S. in liquidation Kartal/Istanbul Turkey 52,674,386 TRY 27.00 Iveco S.p.A. 27.000
V.IVE.RE Gruppo Europeo di Interesse Economico Turin Italy 0 EUR 50.00 Iveco S.p.A. 50.000
FPT Powertrain Technologies Hangzhou IVECO Automobile Transmission Technology Co., Ltd. Hangzhou People's Rep.of China 240,000,000 CNY 33.33 Iveco S.p.A. 33.333
Haveco Automotive Transmission Co. Ltd. Zhajiang People's Rep.of China 200,010,000 CNY 33.33 Iveco S.p.A. 33.330
Iveco-Motor Sich, Inc. Zaporozhye Ukraine 26,568,000 UAH 38.62 Iveco S.p.A. 38.618 Components Endurance Magneti Marelli Shock Absorbers (India) Private Limited Pune India 220,000,000 INR 49.99 Magneti Marelli S.p.A. 49.999 Publishing and Communications Società Editrice Mercantile - S.E.M. S.R.L. Genoa Italy 3,000,000 EUR 40.00 Editrice La Stampa S.p.A. 40.000
To-dis S.r.l. Turin Italy 510,000 EUR 45.00 Editrice La Stampa S.p.A. 45.000
Holding companies and Other companies
Rizzoli Corriere della Sera MediaGroup S.p.A. Milan Italy 762,019,050 EUR 10.09 Fiat S.p.A. 10.093 10.497 ASSOCIATED COMPANIES VALUED AT COST Fiat Group Automobiles Consorzio per la Reindustrializzazione Area di Arese S.r.l. in liquidation Arese Italy 1,020,000 EUR 30.00 Fiat Group Automobiles S.p.A. 30.000
Fidis Rent GmbH Frankfurt Germany 50,000 EUR 49.00 Fiat Group Automobiles Germany AG 49.000
Turin Auto Private Ltd. in liquidation Mumbai India 43,300,200 INR 50.00 I.T.C.A. S.p.A. 50.000
Ferrari Iniziativa Fiorano S.r.l. Modena Italy 90,000 EUR 28.33 Ferrari S.p.A. 33.333
Senator Software Gmbh Munich Germany 25,565 EUR 37.49 Ferrari Financial Services AG 49.000
Agricultural and Construction Equipment Consorzio Nido Industria Vallesina Ancona Italy 53,903 EUR 34.50 CNH Italia s.p.a. 38.728
Trucks and Commercial Vehicles Sotra S.A. Abidjan Ivory Coast 3,000,000,000 XOF 39.80 Iveco France 39.800
Trucks & Bus Company Tajoura Libya 96,000,000 LYD 25.00 Iveco España S.L. 25.000
Zastava-Kamioni D.O.O. Kragujevac Serbia 1,673,505,893 RSD 33.68 Iveco S.p.A. 33.677
Components
Auto Componentistica Mezzogiorno - A.C.M. Melfi Plastic Components and Modules Automotive Società Consortile a responsabilità limitata Turin Italy 40,000 EUR 24.25 S.p.A. 16.500 Sistemi Sospensioni S.p.A. 7.750
Bari Servizi Industriali S.c.r.l. Modugno Italy 18,000 EUR 33.33 Magneti Marelli S.p.A. 33.333
Flexider S.p.A. Turin Italy 4,080,000 EUR 25.00 Magneti Marelli S.p.A. 25.000
Mars Seal Private Limited Mumbai India 400,000 INR 24.00 Magneti Marelli France S.a.s. 24.000
Matay Otomotiv Yan Sanay Ve Ticaret A.S. Bursa Turkey 3,800,000 TRY 28.00 Magneti Marelli S.p.A. 28.000
Publishing and Communications Le Monde Europe S.A.S. Paris France 5,024,274 EUR 48.44 La Stampa Europe SAS 48.443
Le Monde Presse S.A.S. Paris France 7,327,930 EUR 27.28 La Stampa Europe SAS 27.277
Holding companies and Other companies Ciosa S.p.A. in liquidation Milan Italy 516 EUR 25.00 Fiat Partecipazioni S.p.A. 25.000
Consorzio Parco Industriale di Chivasso Chivasso Italy 51,650 EUR 37.90 Fiat Partecipazioni S.p.A. 27.000 Plastic Components and Modules Automotive S.p.A. 10.900 Consorzio per lo Sviluppo delle Aziende Fornitrici in liquidation Turin Italy 241,961 EUR 30.85 CNH Italia s.p.a. 10.672
Fiat Group Automobiles S.p.A. 10.672 Iveco S.p.A. 10.672
Consorzio Prode Naples Italy 51,644 EUR 19.78 Elasis-Società Consortile per Azioni 20.000
Consorzio Scire Pomigliano d'Arco Italy 51,644 EUR 49.44 Elasis-Società Consortile per Azioni 50.000
Consorzio Scuola Superiore per l'Alta Formazione Universitaria Federico II in liquidation Naples Italy 127,500 EUR 19.78 Elasis-Società Consortile per Azioni 20.000
FMA-Consultoria e Negocios Ltda São Paulo Brazil 1 BRL 50.00 Fiat do Brasil S.A. 50.000
Innovazione Automotive e Metalmeccanica Scrl Lanciano Italy 115,000 EUR 24.30 Fiat Group Automobiles S.p.A. 17.391 C.R.F. Società Consortile per Azioni 6.957
L.U.C.I. SRL Amaro Italy 10,000 EUR 25.92 Centro Ricerche Plast-Optica S.p.A. 34.500
Maxus MC2 S.p.A. Turin Italy 219,756 EUR 20.00 Fiat Partecipazioni S.p.A. 20.000
MB Venture Capital Fund I Participating Company F N.V. Amsterdam Netherlands 50,000 EUR 45.00 Fiat Partecipazioni S.p.A. 45.000
108 THE COMPANIES OF THE FIAT GROUP BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 109
The companies of the Fiat Group
ASSOCIATED COMPANIES VALUED AT COST (continued)
% of Group % interest % of voting Name Registered Office Country Share capital Currency consolidation Interest held by held rights
Nuova Didactica S.c. a r.l. Modena Italy 112,200 EUR 24.84 Ferrari S.p.A. 16.364 CNH Italia s.p.a. 12.273 Tecnologie per il Calcolo Numerico-Centro Superiore di Formazione S.c. a r.l. Trento Italy 100,000 EUR 24.82 C.R.F. Società Consortile per Azioni 25.000
Zetesis S.p.A. in liquidation Milan Italy 283,150 EUR 40.00 Fiat Partecipazioni S.p.A. 40.000 OTHER COMPANIES VALUED AT COST Agricultural and Construction Equipment Polagris S.A. Pikieliszki Lithuania 1,133,400 LTL 9.85 CNH Polska Sp. z o.o. 11.054
Trucks and Commercial Vehicles Consorzio Spike Genoa Italy 90,380 EUR 15.00 Iveco S.p.A. 15.000
Components Plastic Components and Modules Holding Editori Riuniti S.p.A. in liquidation Rome Italy 441,652 EUR 13.11 S.p.A. 13.110
Holding companies and Other companies Centro di Eccellenza su Metodi e Sistemi per le Aziende Competitive Fisciano Italy 225,000 EUR 15.82 Elasis-Società Consortile per Azioni 16.000 Consorzio Calef (Consorzio per la ricerca e lo sviluppo delle applicazioni industriali laser e del fascio elettronico) Rotondella Italy 83,445 EUR 10.44 Elasis-Società Consortile per Azioni 5.319 C.R.F. Società Consortile per Azioni 5.213
Consorzio Lingotto Turin Italy 9,612 EUR 16.90 Fiat Attività Immobiliari S.p.A. 11.500 Fiat S.p.A. 5.400
Consorzio Technapoli Naples Italy 1,626,855 EUR 10.99 Elasis-Società Consortile per Azioni 11.110
Ercole Marelli & C. S.p.A. in liquidation Milan Italy 9,633,000 EUR 13.00 Fiat Partecipazioni S.p.A. 13.000
Expo 2000 - S.p.A. Turin Italy 2,205,930 EUR 18.95 Fiat Partecipazioni S.p.A. 18.949
Fin.Priv. S.r.l. Milan Italy 20,000 EUR 14.29 Fiat S.p.A. 14.285
THE COMPANIES OF THE FIAT GROUP 109 BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 110 BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 111 BIL EXOR IMPAGINATO SEM ING 2010_BIL ifil IMPAGINATO IT PROVA 06 27/09/10 14:46 Pagina 112
This report is printed on ecological paper Magnomatt printed on September 20, 2010 Printed in Italy by Stamperia Artistica Nazionale - Trofarello (To)